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 811-21823
Pioneer Series Trust V
(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: August 31, 2021
Date of reporting period: September 1, 2020 through August 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
Pioneer Corporate High Yield Fund
(Formerly, Pioneer Dynamic Credit Fund. See Note to Shareholders on Page 4 for more information)
Annual Report | August 31, 2021
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 1
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), partisan debates over spending packages in Washington (particularly infrastructure spending), and the possibility of major tax-policy changes, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
October 2021
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 3
Portfolio Management Discussion | 8/31/21
Note to Shareholders: Effective September 25, 2020, Pioneer Corporate High Yield Fund (the “Predecessor Fund”) reorganized with Pioneer Dynamic Credit Fund. As a result of (the "Reorganization"), Pioneer Dynamic Credit Fund was renamed Pioneer Corporate High Yield Fund (the “Fund”). The investment strategies, performance and financial history, inception date, fiscal year end, and portfolio management team of the combined Fund are that of the Predecessor Fund.
In the following interview, portfolio managers Matthew Shulkin, Andrew Feltus, and Ken Monaghan, and discuss the factors that influenced the performance of the Fund during the 12-month period ended August 31, 2021. Mr. Shulkin, a vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Feltus, Co-Director of High Yield and a portfolio manager at Amundi US, and Mr. Monaghan, Co-Director of High Yield 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 12-month period ended August 31, 2021? |
| A | | Pioneer Corporate High Yield Fund’s Class A shares returned 10.45% at net asset value during the 12-month period ended August 31, 2021, while the Fund’s benchmark, the ICE Bank of America US High Yield Index (the ICE BofA Index), returned 10.26%. During the same period, the average return of the 674 mutual funds in Morningstar’s High Yield Bond Funds category was 9.56%. |
| Q | | Could you please describe the market environment for high yield corporate bonds during the 12 months ended August 31, 2021? |
| A | | The recovery from the initial turmoil and crisis caused by the onset of the COVID-19 pandemic in early 2020 dominated the market environment for high-yield corporate bonds over the 12-month period. |
On the heels of a strong summer of 2020 in the market for so-called riskier assets, including high-yield bonds, macroeconomic uncertainty returned in September 2020 and weighed on both market sentiment and the performance of riskier investments. Factors such as the November US elections (and the related future of additional fiscal stimulus spending by the US government), and the ongoing COVID-19 crisis were key drivers of the uncertainty. In December 2020, however, the emergency-use approval of the first COVID-19 vaccines and agreement on a $900 billion COVID relief package by US lawmakers helped market sentiment recover and turn positive heading into the end of the calendar year. Many investors viewed the vaccines, in particular, as the proverbial “light at the end of
4 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
the tunnel,” in anticipation that they would help alleviate public-health uncertainty regarding COVID-19 and bring forward the timing and pace of a broader economic recovery from the pandemic-induced lows. In response to the developments in December, riskier assets rallied and Treasury yields drifted higher into the end of the first calendar quarter of 2021 (through March 31).
As the 12-month period progressed, the continued dovish posture of the US Federal Reserve (Fed) on monetary policy lent further support to the markets, as Federal Open Market Committee (FOMC) members hinted at a desire to remain “on the sidelines” with regard to major policy changes until at least 2023. The Fed based its projection on the view that near-term increases in inflation above the usual 2% target would be transitory, and not structural. The Fed also messaged that it would look at average inflation over time, rather than feeling compelled to raise interest rates based on an isolated uptick in prices for certain goods and services.
However, the “reflation trade” wobbled during June 2021, as market participants navigated around growing apprehension over the spread of COVID-19 variants and a somewhat “hawkish” FOMC meeting that month. Treasury-market investors reacted to the updated Fed “dot plot” displaying FOMC member forecasts that pointed to a median federal funds target rate of 0.625% by year-end 2023, or 50 basis points (bps) higher than the March forecast. The Treasury yield curve saw short-end yields rise and long-end yields decline, while longer-term inflation expectations moved lower. The movement suggested investors’ doubts regarding the Fed's long-term commitment to its current average inflation-targeting framework. (The Fed’s “dot” plot/projection is a quarterly chart summarizing the outlook for the federal funds rate for each of the FOMC’s members. A basis point is equal to 1/100th of a percentage point.) Returns in the high-yield market remained positive, however, as the Fund’s benchmark, the ICE BofA US High Yield Index, returned more than 2% over the final three months of the period, and more than 10% for the full 12 months ended August 31, 2021.
With regard to sectors, performance in the high-yield corporate market over the 12-month period saw issuers in sectors that had felt the biggest negative effects of the COVID-19 crisis generate the strongest returns, as investors anticipated a broader economic reopening. This was most evident in two of the biggest “reopening” sectors, energy and air transportation, which were the top performers over the full 12 months. In contrast, sectors featuring more “up in quality” issuers, or including issuers that had been relatively insulated from the effects of COVID-19, such as telecommunications and food & drug retailers, underperformed over the 12-month period. With respect to rating tiers, lower-quality issuers outperformed higher-quality issuers over the period, with the
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 5
“CCC” tier returning 26.67% for the 12-month period, significantly outpacing the performance of bonds in the “BB” and B” tiers, which returned 8.31% and 8.66%, respectively.
| Q | | Can you review the Fund’s principal strategies during the 12-month period ended August 31, 2021, and the degree to which the portfolio’s positioning affected benchmark-relative returns? |
| A | | We have based our investment process for the Fund on security and sector selection. We believe that diligent, detailed, fundamental research could uncover mispriced securities, and that actively managing the portfolio to capture those opportunities may produce competitive returns over the longer term. |
The COVID-19 crisis emerged in the first quarter of 2020 and had its maximum effect on the markets in March of last year. Although prices declined for all high-yield bonds at that time, the effect was particularly heavy on issuers in sectors expected to suffer the consequences of reduced revenues driven by business shutdowns. Those sectors included energy as well as industries typically dependent on out-of-the-home consumer spending, such as movie theaters, airlines, and cruise lines. Bond-price declines essentially troughed in the middle of March 2020, and the price recovery began soon after, as investors gained renewed confidence due to announcements of massive support for the economy and the markets from both the Fed, through easing of monetary policy, and the US government, through fiscal stimulus. Initially, the recovery was strongest among higher-quality BB-rated issues.
The recovery continued for most of the 12-month period ended August 31, 2021, broadening over time to include B- and CCC-rated issues. The Fund’s benchmark-relative returns benefited from the portfolio’s overweight in those categories. Additionally, we had recognized early on that various sectors would feel the effects of the pandemic in very different ways, and so we took immediate actions to reposition the portfolio in an attempt to take advantage of the dislocations created by the new environment.
Our first move was to categorize all of the Fund’s holdings into three sector categories. Sectors we viewed as “unimpaired” were those that felt minimal effects from the crisis, such as food and drug retailers. The second group, which we labeled the “impaired” category, included issuers in sectors we believed could experience lasting negative effects from the pandemic, such as movie theaters. The final group, which we referred to as the “wounded” category, included companies experiencing temporary setbacks from COVID-19, but that we felt had good long-term business models, such as ambulatory surgery centers. Within the unimpaired category, we determined that the majority of issuers had been trading at
6 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
expensive valuations. Within the impaired group, we sought to invest the Fund only in those credits we felt were the strongest within the issuer’s particular sector, both in terms of fundamentals, and with balance sheets that could potentially allow the companies to weather a protracted economic shutdown. Finally, we felt the third category of wounded issuers offered the greatest opportunity for our disciplined investment process and seasoned analyst team to utilize diligent research to identify potential “survivors” in the eventual aftermath of the pandemic. In that area, we believe we identified multiple companies that may ultimately display strong recovery prospects, and the Fund’s relative performance has benefited from that strategy.
Security selection has typically been our primary method for generating positive performance. During the 12-month period, the Fund’s relative returns benefited from overweight positions in independent refiner PBF Energy, finance company Global Aircraft Lease, and pipeline operator EnLink. On the negative side, the Fund lost some benchmark-relative performance through an overweight to independent power producer Talen, an underweight to Occidental Petroleum, and an underweight to offshore driller TransOcean. Crude oil rallied from $42 a barrel to $61 over the period, providing a tailwind to most energy companies.
| Q | | Can you discuss the factors that affected the Fund’s income-generation (or yield), either positively or negatively, during the 12-month period ended August 31, 2021? |
| A | | The Fund’s income-generation potential declined during the period due to the persistent rally in the high-yield market, which resulted in tighter credit spreads compared to a year ago. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities. Tighter spreads versus Treasuries generally translates into reduced yields for lower-quality bonds.) |
| Q | | Did the Fund have any exposure to derivatives during the 12-month period ended August 31, 2021? If so, did the derivatives have a material effect on the Fund’s performance? |
| A | | We have the ability to utilize derivatives from time to time in order to maintain the desired level of portfolio exposure to the high-yield market, while also seeking to maintain sufficient liquidity to make opportunistic purchases and help meet any unanticipated shareholder redemptions. During the 12-month period, the Fund had light exposure to index-based credit-default-swap contracts, which had no material impact on performance. |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 7
| Q | | What is your assessment of the current climate for high-yield investing? |
| A | | The COVID-19 situation has remained a key driver of global economic activity, both positive and negative, and, in turn, the performance of financial markets. Though the spread of the highly contagious “Delta” variant of the virus has been driving an increase in COVID-19 infections (particularly in those regions with lower vaccination rates), in our view, the spread of the variant may not derail the economic recovery already underway in major developed economies where vaccination rates are relatively high. While the vaccines apparently have not provided 100 percent protection against infection, “breakthrough” infections in vaccinated individuals have so far been less severe and resulted in fewer hospitalizations and deaths. It is important to keep this point in mind as the world transitions from fighting COVID-19 to living with COVID-19. |
In his June post-FOMC meeting press conference, Fed Chair Powell reported that the committee has begun to talk about tapering its monthly purchases of Treasuries and agency mortgage-backed securities.
Logically, some market participants have become worried about a repeat of the 2013 “taper tantrum,” if an official taper plan becomes reality (possibly late this year). However, Fed officials, having learned from 2013, have been offering investors plenty of guidance and a good sense of their eventual policy game plan. While we still think it likely that the ultimate announcement of tapering could precipitate some financial market volatility (as did the June FOMC meeting), unlike eight years ago, we believe any such episode could be relatively short lived.
We remain positive on the outlook for the performance of high-yield securities relative to Treasuries, given a backdrop of solid economic growth, low default rates, still-accommodative Fed monetary policy, and continued global demand for yield among investors. We believe credit spreads may tighten somewhat further, but nowhere near the magnitude experienced during the past 12 months. We anticipate that active security selection and sector allocations could drive much of the opportunity for outperformance going forward.
Please refer to the Schedule of Investments on pages 17–28 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,
8 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
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 portfolio 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.
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
At times, the Fund’s investments may represent industries or 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 Corporate High Yield Fund | Annual Report | 8/31/21 9
Portfolio Summary | 8/31/21
Portfolio Diversification
(As a percentage of total investments)*
10 Largest Holdings
(As a percentage of total investments)*
| 1. | FAGE International S.A./FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) | 1.49% |
| 2. | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 1.47 |
| 3. | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 1.46 |
| 4. | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 1.43 |
| 5. | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 1.31 |
| 6. | Altice France Holding S.A., 6.0%, 2/15/28 (144A) | 1.28 |
| 7. | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | 1.26 |
| 8. | APX Group, Inc., 6.75%, 2/15/27 (144A) | 1.22 |
| 9. | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 1.19 |
| 10. | OCI NV, 5.25%, 11/1/24 (144A) | 1.17 |
| * | | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
10 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Prices and Distributions | 8/31/21
Net Asset Value per Share*
| | | |
| Class | 8/31/21 | 8/31/20 |
| A | $9.22 | $8.78 |
| C | $9.17 | $8.73 |
| Y | $9.27 | $8.82 |
Distributions per Share: 9/1/20–8/31/21*
| | | | | |
| | Net Investment | Short-Term | Long-Term | Tax Return |
| Class | Income | Capital Gains | Capital Gains | Of Capital |
| A | 0.2972 | $ — | $ — | $0.1586 |
| C | 0.2354 | $ — | $ — | $0.1524 |
| Y | 0.3255 | $ — | $ — | $0.1595 |
* The Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. Historical per-share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratios used for the Reorganization.
Index Definition
The ICE BofA US High Yield Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–14.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 11
| Performance Update | 8/31/21 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Corporate High Yield Fund at public offering price during the periods shown, compared to that of the ICE BofA US High Yield Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | Net | Public | ICE |
| | Asset | Offering | BofA US |
| | Value | Price | High Yield |
| Period | (NAV) | (POP) | Index |
| Life of Class | | | |
| (1/3/17) | 5.85% | 4.81% | 6.34% |
| 1 year | 10.45 | 5.48 | 10.26 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 1.11% | 0.90% |
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 Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class A shares of the Fund is the performance of Class A shares of the Predecessor Fund for periods prior to the Reorganization, and has not been restated to reflect any differences in expenses.
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 net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2022, for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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.
12 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| Performance Update | 8/31/21 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA US High Yield Index.
| | | | |
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | ICE |
| | | | BofA US |
| | If | If | High Yield |
| Period | Held | Redeemed | Index |
| Life of Class | | | |
| (1/3/17) | 5.24% | 5.24% | 6.34% |
| 1 year | 9.64 | 9.64 | 10.26 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 1.89% | 1.65% |
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 Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class C shares of the Fund is the performance of Class C shares of the Predecessor Fund for periods prior to the Reorganization, and has not been restated to reflect any differences in expenses.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would be lower than those shown above. “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2022, for Class C shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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 Corporate High Yield Fund | Annual Report | 8/31/21 13
| Performance Update | 8/31/21 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA US High Yield Index.
| | | |
| Average Annual Total Returns |
| (As of August 31, 2021) | |
| | Net | ICE |
| | Asset | BofA US |
| | Value | High Yield |
| Period | (NAV) | Index |
| Life of Class | | |
| (1/3/17) | 6.14% | 6.34% |
| 1 year | 10.80 | 10.26 |
| | |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 0.90% | 0.60% |
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.
The Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class Y shares of the Fund is the performance of Class Y shares of the Predecessor Fund for periods prior to the Reorganization, and has not been restated to reflect any differences in expenses.
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 January 1, 2022, for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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.
14 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
| (1) | | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
| (2) | | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
| (1) | | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $1,000 = 8.6
| (2) | | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Corporate High Yield Fund
Based on actual returns from March 1, 2021 through August 31, 2021.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | |
| Ending Account Value | $1,037.19 | $1,033.85 | $1,040.38 |
| (after expenses) 8/31/21 | | | |
| Expenses Paid | $4.62 | $8.46 | $3.09 |
| During Period* | | | |
| * | | Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.65%, and 0.60% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365, (to reflect the partial year period). |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Corporate High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the period from March 1, 2021 through August 31, 2021.
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | |
| Ending Account Value | $1,020.67 | $1,016.89 | $1,022.18 |
| (after expenses) 8/31/21 | | | |
| Expenses Paid | $4.58 | $8.39 | $3.06 |
| During Period* | | | |
| * | | Expenses are equal to the Fund's annualized expense ratio of 0.90%, 1.65%, and 0.60% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365, (to reflect the partial year period). |
16 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Schedule of Investments | 8/31/21
| Shares | | | | Value |
| | | UNAFFILIATED ISSUERS — 93.5% | | |
| | | COMMON STOCKS — 0.2% of Net Assets |
| | | | | Energy Equipment & Services — 0.2% | | | | |
| | 6,142 | (a) | | FTS International, Inc. | | $ | 136,414 | |
| | 837 | ^+(a) | | Superior Energy Services, Inc. | | | 31,806 | |
| | | | | Total Energy Equipment & Services | | $ | 168,220 | |
| | | | | TOTAL COMMON STOCKS | | | | |
| | | | | (Cost $204,905) | | $ | 168,220 | |
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | |
| | | | | CORPORATE BONDS — 93.1% of Net Assets | | | | |
| | | | | Advertising — 2.4% | | | | |
| | 275,000 | | | Clear Channel Outdoor Holdings, Inc., 7.5%, 6/1/29 (144A) | | $ | 284,625 | |
| | 170,000 | | | Clear Channel Outdoor Holdings, Inc., 7.75%, | | | | |
| | | | | 4/15/28(144A) | | | 177,276 | |
| | 429,000 | | | Midas OpCo Holdings LLC, 5.625%, 8/15/29 (144A) | | | 439,167 | |
| | 100,000 | | | Outfront Media Capital LLC/Outfront Media Capital Corp., | | | | |
| | | | | 4.25%, 1/15/29 (144A) | | | 100,250 | |
| | 380,000 | | | Outfront Media Capital LLC/Outfront Media Capital Corp., | | | | |
| | | | | 6.25%, 6/15/25 (144A) | | | 403,598 | |
| | 301,000 | | | Summer BC Bidco B LLC, 5.5%, 10/31/26 (144A) | | | 305,139 | |
| | | | | Total Advertising | | $ | 1,710,055 | |
| | | | | Aerospace & Defense — 0.8% | | | | |
| | 370,000 | | | Bombardier, Inc., 6.0%, 2/15/28 (144A) | | $ | 373,175 | |
| | 180,000 | | | Bombardier, Inc., 7.125%, 6/15/26 (144A) | | | 189,900 | |
| | | | | Total Aerospace & Defense | | $ | 563,075 | |
| | | | | Airlines — 0.3% | | | | |
| | 75,000 | | | Air Canada, 3.875%, 8/15/26 (144A) | | $ | 75,469 | |
| | 125,000 | | | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.5%, | | | | |
| | | | | 4/20/26(144A) | | | 131,750 | |
| | | | | Total Airlines | | $ | 207,219 | |
| | | | | Auto Manufacturers — 3.2% | | | | |
| | 200,000 | | | Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | | $ | 206,000 | |
| | 895,000 | | | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | | | 941,943 | |
| | 540,000 | | | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | | | 577,125 | |
| | 479,000 | | | JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) | | | 505,345 | |
| | | | | Total Auto Manufacturers | | $ | 2,230,413 | |
| | | | | Auto Parts & Equipment — 1.4% | | | | |
| | 335,000 | | | American Axle & Manufacturing, Inc., 6.25%, 3/15/26 | | $ | 345,050 | |
| | 596,000 | | | Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) | | | 634,740 | |
| | | | | Total Auto Parts & Equipment | | $ | 979,790 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 17
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Banks — 1.3% | | | | |
| | 400,000 | (b)(c) | | Credit Suisse Group AG, 6.375% (5 Year CMT | | | | |
| | | | | Index + 482 bps) | | $ | 441,752 | |
| | 125,000 | | | Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | | | 119,687 | |
| | 317,000 | | | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | | | 323,340 | |
| | | | | Total Banks | | $ | 884,779 | |
| | | | | Biotechnology — 0.2% | | | | |
| | 140,000 | | | HCRX Investments Holdco LP, 4.5%, 8/1/29 (144A) | | $ | 141,804 | |
| | | | | Total Biotechnology | | $ | 141,804 | |
| | | | | Building Materials — 3.2% | | | | |
| | 250,000 | | | Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | | $ | 256,807 | |
| | 450,000 | | | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | | | 481,073 | |
| | 200,000 | | | CP Atlas Buyer, Inc., 7.0%, 12/1/28 (144A) | | | 204,000 | |
| | 613,000 | | | Koppers, Inc., 6.0%, 2/15/25 (144A) | | | 628,325 | |
| | 420,000 | | | Patrick Industries, Inc., 7.5%, 10/15/27 (144A) | | | 455,700 | |
| | 29,000 | | | Summit Materials LLC/Summit Materials Finance Corp., | | | | |
| | | | | 5.125%, 6/1/25 (144A) | | | 29,406 | |
| | 55,000 | | | Summit Materials LLC/Summit Materials Finance Corp., | | | | |
| | | | | 5.25%, 1/15/29 (144A) | | | 58,231 | |
| | 94,000 | | | Summit Materials LLC/Summit Materials Finance Corp., | | | | |
| | | | | 6.5%, 3/15/27 (144A) | | | 98,700 | |
| | | | | Total Building Materials | | $ | 2,212,242 | |
| | | | | Chemicals — 3.3% | | | | |
| | 137,000 | | | Hexion, Inc., 7.875%, 7/15/27 (144A) | | $ | 145,562 | |
| | 150,000 | | | Kraton Polymers LLC/Kraton Polymers Capital Corp., | | | | |
| | | | | 4.25%, 12/15/25 (144A) | | | 154,063 | |
| | 750,000 | | | OCI NV, 5.25%, 11/1/24 (144A) | | | 773,438 | |
| | 313,000 | | | Olin Corp., 5.0%, 2/1/30 | | | 335,934 | |
| | 370,000 | | | Trinseo Materials Operating SCA/Trinseo Materials | | | | |
| | | | | Finance, Inc., 5.125%, 4/1/29 (144A) | | | 373,626 | |
| | 408,000 | | | Tronox, Inc., 4.625%, 3/15/29 (144A) | | | 413,692 | |
| | 110,000 | | | Tronox, Inc., 6.5%, 5/1/25 (144A) | | | 116,050 | |
| | | | | Total Chemicals | | $ | 2,312,365 | |
| | | | | Coal — 0.4% | | | | |
| | 290,000 | | | SunCoke Energy, Inc., 4.875%, 6/30/29 (144A) | | $ | 293,726 | |
| | | | | Total Coal | | $ | 293,726 | |
| | | | | Commercial Services — 7.3% | | | | |
| | 540,000 | | | Allied Universal Holdco LLC/Allied Universal Finance | | | | |
| | | | | Corp., 6.625%, 7/15/26 (144A) | | $ | 577,125 | |
| | 275,000 | | | Allied Universal Holdco LLC/Allied Universal Finance | | | | |
| | | | | Corp., 9.75%, 7/15/27 (144A) | | | 300,781 | |
| | 209,000 | | | APX Group, Inc., 5.75%, 7/15/29 (144A) | | | 209,000 | |
| | 753,000 | | | APX Group, Inc., 6.75%, 2/15/27 (144A) | | | 802,886 | |
| | 391,000 | | | Brink’s Co., 4.625%, 10/15/27 (144A) | | | 410,679 | |
| | 80,000 | | | Brink’s Co., 5.5%, 7/15/25 (144A) | | | 84,000 | |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | Value |
| | | Commercial Services — (continued) | | |
| 465,000 | | CoreLogic, Inc., 4.5%, 5/1/28 (144A) | $ 462,610 |
| 962,000 | | Garda World Security Corp., 4.625%, 2/15/27 (144A) | | 964,405 |
| 120,000 | | Gartner, Inc., 3.625%, 6/15/29 (144A) | | 123,513 |
| 190,000 | | NESCO Holdings II, Inc., 5.5%, 4/15/29 (144A) | | 197,087 |
| 115,000 | | Nielsen Finance LLC/Nielsen Finance Co., 4.5%, | | |
| | | 7/15/29 (144A) | | 113,954 |
| 95,000 | | Nielsen Finance LLC/Nielsen Finance Co., 4.75%, | | |
| | | 7/15/31 (144A) | | 93,789 |
| 35,000 | | Prime Security Services Borrower LLC/Prime Finance, | | |
| | | Inc., 5.25%, 4/15/24 (144A) | | 37,275 |
| 420,000 | | Prime Security Services Borrower LLC/Prime Finance, | | |
| | | Inc., 6.25%, 1/15/28 (144A) | | 435,225 |
| 300,000 | | Sotheby’s, 7.375%, 10/15/27 (144A) | | 318,315 |
| | | Total Commercial Services | $ 5,130,644 |
| | | Computers — 2.4% | | |
| 469,000 | | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | $ 515,314 |
| 475,000 | | KBR, Inc., 4.75%, 9/30/28 (144A) | | 482,125 |
| 540,000 | | NCR Corp., 5.0%, 10/1/28 (144A) | | 558,900 |
| 150,000 | | NCR Corp., 5.25%, 10/1/30 (144A) | | 156,750 |
| | | Total Computers | $ 1,713,089 |
| | | Diversified Financial Services — 4.0% | | |
| 65,000 | | Alliance Data Systems Corp., 4.75%, 12/15/24 (144A) | $ 66,706 |
| 250,000 | | Alliance Data Systems Corp., 7.0%, 1/15/26 (144A) | | 268,125 |
| 431,493 | | Avation Capital S.A., 8.25%, 10/31/26 (144A) | | 353,824 |
| 429,165 | | Global Aircraft Leasing Co., Ltd., 6.5%, 9/15/24 (144A) | | 425,410 |
| 200,000 | | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.0%, | | |
| | | 8/15/28 (144A) | | 205,000 |
| 490,000 | | Nationstar Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A) | | 516,338 |
| 242,000 | | Provident Funding Associates LP/PFG Finance Corp., | | |
| | | 6.375%, 6/15/25 (144A) | | 247,677 |
| 245,000 | | United Wholesale Mortgage LLC, 5.5%, 4/15/29 (144A) | | 240,100 |
| 454,000 | | VistaJet Malta Finance Plc/XO Management Holding, Inc., | | |
| | | 10.5%, 6/1/24 (144A) | | 492,590 |
| | | Total Diversified Financial Services | $ 2,815,770 |
| | | Electric — 4.0% | | |
| 275,000 | | Calpine Corp., 4.625%, 2/1/29 (144A) | $ 275,887 |
| 70,000 | | Calpine Corp., 5.125%, 3/15/28 (144A) | | 71,225 |
| 215,000 | | Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | | 218,225 |
| 105,000 | | Leeward Renewable Energy Operations LLC, 4.25%, | | |
| | | 7/1/29 (144A) | | 107,148 |
| 135,000 | | NRG Energy, Inc., 3.375%, 2/15/29 (144A) | | 135,675 |
| 195,000 | | NRG Energy, Inc., 3.625%, 2/15/31 (144A) | | 197,925 |
| 290,000 | | NRG Energy, Inc., 3.875%, 2/15/32 (144A) | | 294,046 |
| 100,127 | | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, | | |
| | | 12/15/25 (144A) | | 107,887 |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 19
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Electric — (continued) | | | | |
| | 465,000 | | | Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) | | $ | 402,272 | |
| | 110,000 | | | Talen Energy Supply LLC, 10.5%, 1/15/26 (144A) | | | 51,150 | |
| | 55,000 | | | Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | | | 55,825 | |
| | 830,000 | | | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | | | 864,287 | |
| | | | | Total Electric | | $ | 2,781,552 | |
| | | | | Electrical Components & Equipment — 1.0% | | | | |
| | 389,000 | | | Energizer Holdings, Inc., 4.75%, 6/15/28 (144A) | | $ | 399,697 | |
| | 310,000 | | | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | | | 333,464 | |
| | | | | Total Electrical Components & Equipment | | $ | 733,161 | |
| | | | | Electronics — 0.5% | | | | |
| | 110,000 | | | Atkore, Inc., 4.25%, 6/1/31 (144A) | | $ | 113,712 | |
| | 175,000 | | | Sensata Technologies, Inc., 3.75%, 2/15/31 (144A) | | | 175,875 | |
| | 80,000 | | | TTM Technologies, Inc., 4.0%, 3/1/29 (144A) | | | 81,000 | |
| | | | | Total Electronics | | $ | 370,587 | |
| | | | | Energy-Alternate Sources — 0.4% | | | | |
| | 300,000 | | | Renewable Energy Group, Inc., 5.875%, 6/1/28 (144A) | | $ | 310,650 | |
| | | | | Total Energy-Alternate Sources | | $ | 310,650 | |
| | | | | Engineering & Construction — 1.9% | | | | |
| | 140,000 | | | Arcosa, Inc., 4.375%, 4/15/29 (144A) | | $ | 143,850 | |
| | 319,000 | | | Dycom Industries, Inc., 4.5%, 4/15/29 (144A) | | | 327,772 | |
| | 760,000 | | | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | | | 830,300 | |
| | | | | Total Engineering & Construction | | $ | 1,301,922 | |
| | | | | Entertainment — 3.0% | | | | |
| | 90,000 | | | Boyne USA, Inc., 4.75%, 5/15/29 (144A) | | $ | 92,700 | |
| | 445,000 | | | Caesars Entertainment, Inc., 8.125%, 7/1/27 (144A) | | | 491,858 | |
| | 430,000 | | | Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A) | | | 450,584 | |
| | 696,000 | | | Scientific Games International, Inc., 8.25%, 3/15/26 (144A) | | | 740,285 | |
| | 350,000 | | | SeaWorld Parks & Entertainment, Inc., 5.25%, | | | | |
| | | | | 8/15/29(144A) | | | 349,458 | |
| | | | | Total Entertainment | | $ | 2,124,885 | |
| | | | | Environmental Control — 1.0% | | | | |
| | 130,000 | | | GFL Environmental, Inc., 4.0%, 8/1/28 (144A) | | $ | 129,025 | |
| | 270,000 | | | GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | | | 271,350 | |
| | 267,000 | | | Tervita Corp., 11.0%, 12/1/25 (144A) | | | 307,127 | |
| | | | | Total Environmental Control | | $ | 707,502 | |
| | | | | Food — 2.1% | | | | |
| | 950,000 | | | FAGE International S.A./FAGE USA Dairy Industry, Inc., | | | | |
| | | | | 5.625%, 8/15/26 (144A) | | $ | 978,234 | |
| | 516,000 | | | Simmons Foods, Inc./Simmons Prepared Foods, Inc./ | | | | |
| | | | | Simmons Pet Food, Inc./Simmons Feed, 4.625%, | | | | |
| | | | | 3/1/29(144A) | | | 525,107 | |
| | | | | Total Food | | $ | 1,503,341 | |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Forest Products & Paper — 2.7% | | | | |
| | 344,000 | | | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | | $ | 353,185 | |
| | 505,000 | | | Mercer International, Inc., 5.125%, 2/1/29 | | | 510,050 | |
| | 650,000 | | | Schweitzer-Mauduit International, Inc., 6.875%, | | | | |
| | | | | 10/1/26(144A) | | | 680,875 | |
| | 348,000 | | | Sylvamo Corp., 7.0%, 9/1/29 (144A) | | | 360,013 | |
| | | | | Total Forest Products & Paper | | $ | 1,904,123 | |
| | | | | Healthcare-Services — 2.8% | | | | |
| | 229,000 | | | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | | $ | 224,956 | |
| | 100,000 | | | ModivCare Escrow Issuer, Inc., 5.0%, 10/1/29 (144A) | | | 103,020 | |
| | 496,000 | | | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | | | 530,720 | |
| | 54,000 | | | RegionalCare Hospital Partners Holdings, Inc./LifePoint | | | | |
| | | | | Health, Inc., 9.75%, 12/1/26 (144A) | | | 57,443 | |
| | 70,000 | | | Surgery Center Holdings, Inc., 6.75%, 7/1/25 (144A) | | | 71,247 | |
| | 423,000 | | | Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) | | | 458,511 | |
| | 45,000 | | | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | | | 46,800 | |
| | 90,000 | | | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | | | 93,600 | |
| | 353,000 | | | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | | | 370,583 | |
| | | | | Total Healthcare-Services | | $ | 1,956,880 | |
| | | | | Home Builders — 1.6% | | | | |
| | 450,000 | | | Beazer Homes USA, Inc., 7.25%, 10/15/29 | | $ | 496,125 | |
| | 395,000 | | | KB Home, 4.0%, 6/15/31 | | | 410,800 | |
| | 205,000 | | | M/I Homes, Inc., 3.95%, 2/15/30 (144A) | | | 207,159 | |
| | | | | Total Home Builders | | $ | 1,114,084 | |
| | | | | Household Products/Wares — 0.8% | | | | |
| | 105,000 | | | Central Garden & Pet Co., 4.125%, 4/30/31 (144A) | | $ | 106,575 | |
| | 409,000 | | | Spectrum Brands, Inc., 5.5%, 7/15/30 (144A) | | | 439,164 | |
| | | | | Total Household Products/Wares | | $ | 545,739 | |
| | | | | Iron/Steel — 1.4% | | | | |
| | 366,000 | | | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | | $ | 392,535 | |
| | 6,000 | | | Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) | | | 6,960 | |
| | 225,000 | | | Commercial Metals Co., 3.875%, 2/15/31 | | | 230,275 | |
| | 360,000 | | | TMS International Corp., 6.25%, 4/15/29 (144A) | | | 377,352 | |
| | | | | Total Iron/Steel | | $ | 1,007,122 | |
| | | | | Leisure Time — 2.1% | | | | |
| | 50,000 | | | Carnival Corp., 7.625%, 3/1/26 (144A) | | $ | 52,999 | |
| | EUR 100,000 | | | Carnival Corp., 7.625%, 3/1/26 (144A) | | | 126,957 | |
| | 115,000 | | | Carnival Corp., 10.5%, 2/1/26 (144A) | | | 132,681 | |
| | 290,000 | | | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | | | 290,725 | |
| | 75,000 | | | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | | | 75,375 | |
| | 85,000 | | | Royal Caribbean Cruises, Ltd., 5.5%, 4/1/28 (144A) | | | 85,736 | |
| | 360,000 | | | Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) | | | 392,400 | |
| | 28,000 | | | Royal Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A) | | | 32,235 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 21
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Leisure Time — (continued) | | | | |
| | 290,000 | | | Viking Ocean Cruises Ship VII, Ltd., 5.625%, | | | | |
| | | | | 2/15/29(144A) | | $ | 288,550 | |
| | | | | Total Leisure Time | | $ | 1,477,658 | |
| | | | | Lodging — 0.3% | | | | |
| | 210,000 | | | Hilton Grand Vacations Borrower Escrow LLC/Hilton | | | | |
| | | | | Grand Vacations Borrower Esc, 5.0%, 6/1/29 (144A) | | $ | 212,625 | |
| | | | | Total Lodging | | $ | 212,625 | |
| | | | | Machinery, Construction & Mining — 0.3% | | | | |
| | 195,000 | | | Terex Corp., 5.0%, 5/15/29 (144A) | | $ | 204,994 | |
| | | | | Total Machinery, Construction & Mining | | $ | 204,994 | |
| | | | | Media — 3.2% | | | | |
| | 100,000 | | | Audacy Capital Corp., 6.75%, 3/31/29 (144A) | | $ | 100,660 | |
| | 355,000 | | | CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, | | | | |
| | | | | 6/1/33(144A) | | | 367,294 | |
| | 121,000 | | | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, | | | | |
| | | | | 3/1/30(144A) | | | 128,028 | |
| | 800,000 | | | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | | | 784,360 | |
| | 236,000 | | | Diamond Sports Group LLC/Diamond Sports Finance Co., | | | | |
| | | | | 6.625%, 8/15/27 (144A) | | | 101,480 | |
| | 640,000 | | | Mav Acquisition Corp., 8.0%, 8/1/29 (144A) | | | 628,800 | |
| | 145,000 | | | News Corp., 3.875%, 5/15/29 (144A) | | | 148,964 | |
| | | | | Total Media | | $ | 2,259,586 | |
| | | | | Mining — 2.7% | | | | |
| | 340,000 | | | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | | $ | 335,903 | |
| | 595,000 | | | Eldorado Gold Corp., 6.25%, 9/1/29 (144A) | | | 604,669 | |
| | 265,000 | | | First Quantum Minerals, Ltd., 7.5%, 4/1/25 (144A) | | | 274,606 | |
| | 177,000 | | | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | | | 190,275 | |
| | 339,000 | | | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | | | 337,729 | |
| | 65,000 | | | Novelis Corp., 3.25%, 11/15/26 (144A) | | | 66,638 | |
| | 100,000 | | | Novelis Corp., 3.875%, 8/15/31 (144A) | | | 100,910 | |
| | | | | Total Mining | | $ | 1,910,730 | |
| | | | | Oil & Gas — 6.4% | | | | |
| | 302,000 | | | Aethon United BR LP/Aethon United Finance Corp., | | | | |
| | | | | 8.25%, 2/15/26 (144A) | | $ | 327,670 | |
| | 205,000 | | | Ascent Resources Utica Holdings LLC/ARU Finance | | | | |
| | | | | Corp., 5.875%, 6/30/29 (144A) | | | 196,521 | |
| | 512,000 | | | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | | | 502,989 | |
| | 151,000 | | | Colgate Energy Partners III LLC, 7.75%, 2/15/26 (144A) | | | 159,682 | |
| | 195,000 | | | Hilcorp Energy I LP/Hilcorp Finance Co., 6.0%, | | | | |
| | | | | 2/1/31(144A) | | | 200,363 | |
| | 425,000 | | | MEG Energy Corp., 5.875%, 2/1/29 (144A) | | | 434,563 | |
| | 300,000 | | | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | | | 303,750 | |
| | 475,000 | | | Occidental Petroleum Corp., 4.4%, 4/15/46 | | | 483,906 | |
| | 228,000 | | | PBF Holding Co. LLC/PBF Finance Corp., 6.0%, 2/15/28 | | | 149,340 | |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Oil & Gas — (continued) | | | | |
| | 126,000 | | | PBF Holding Co. LLC/PBF Finance Corp., 9.25%, | | | | |
| | | | | 5/15/25(144A) | | $ | 121,590 | |
| | 210,000 | | | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | | | 211,225 | |
| | 210,000 | | | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | | | 214,200 | |
| | 425,000 | | | Southwestern Energy Co., 5.375%, 3/15/30 | | | 441,171 | |
| | 497,000 | | | Strathcona Resources, Ltd., 6.875%, 8/1/26 (144A) | | | 487,060 | |
| | 21,136 | | | Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) | | | 20,238 | |
| | 260,000 | | | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | | | 269,100 | |
| | | | | Total Oil & Gas | | $ | 4,523,368 | |
| | | | | Oil & Gas Services — 0.5% | | | | |
| | 70,000 | | | Exterran Energy Solutions LP/EES Finance Corp., 8.125%, | | | | |
| | | | | 5/1/25 | | $ | 63,000 | |
| | 265,000 | | | TechnipFMC Plc, 6.5%, 2/1/26 (144A) | | | 281,525 | |
| | | | | Total Oil & Gas Services | | $ | 344,525 | |
| | | | | Packaging & Containers — 1.0% | | | | |
| | 125,000 | | | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 | | $ | 154,375 | |
| | 166,000 | | | Greif, Inc., 6.5%, 3/1/27 (144A) | | | 174,333 | |
| | 375,000 | | | TriMas Corp., 4.125%, 4/15/29 (144A) | | | 381,990 | |
| | | | | Total Packaging & Containers | | $ | 710,698 | |
| | | | | Pharmaceuticals — 2.4% | | | | |
| | 155,000 | | | AdaptHealth LLC, 5.125%, 3/1/30 (144A) | | $ | 156,955 | |
| | 200,000 | | | Jazz Securities, DAC, 4.375%, 1/15/29 (144A) | | | 207,250 | |
| | 200,000 | | | Organon & Co./Organon Foreign Debt Co.-Issuer BV, | | | | |
| | | | | 4.125%, 4/30/28 (144A) | | | 206,340 | |
| | 270,000 | | | P&L Development LLC/PLD Finance Corp., 7.75%, | | | | |
| | | | | 11/15/25(144A) | | | 281,137 | |
| | 380,000 | | | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | | | 384,750 | |
| | 467,000 | | | Teva Pharmaceutical Finance Netherlands III BV, 2.8%, | | | | |
| | | | | 7/21/23 | | | 461,625 | |
| | | | | Total Pharmaceuticals | | $ | 1,698,057 | |
| | | | | Pipelines — 3.8% | | | | |
| | 202,000 | | | CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.5%, | | | | |
| | | | | 6/15/31(144A) | | $ | 208,312 | |
| | 20,000 | | | DCP Midstream Operating LP, 5.375%, 7/15/25 | | | 22,025 | |
| | 330,000 | | | Delek Logistics Partners LP/Delek Logistics Finance Corp., | | | | |
| | | | | 7.125%, 6/1/28 (144A) | | | 349,782 | |
| | 405,000 | (b)(c) | | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | | | 415,178 | |
| | 6,000 | | | EnLink Midstream LLC, 5.375%, 6/1/29 | | | 6,160 | |
| | 357,000 | | | EnLink Midstream Partners LP, 5.6%, 4/1/44 | | | 339,150 | |
| | 185,000 | | | Genesis Energy LP/Genesis Energy Finance Corp., | | | | |
| | | | | 8.0%, 1/15/27 | | | 183,710 | |
| | 369,000 | | | Harvest Midstream I LP, 7.5%, 9/1/28 (144A) | | | 387,343 | |
| | 110,000 | | | Hess Midstream Operations LP, 4.25%, 2/15/30 (144A) | | | 111,375 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 23
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Pipelines — (continued) | | | | |
| | 214,000 | | | Northriver Midstream Finance LP, 5.625%, 2/15/26 (144A) | | $ | 224,388 | |
| | 279,000 | | | PBF Logistics LP/PBF Logistics Finance Corp., | | | | |
| | | | | 6.875%, 5/15/23 | | | 270,755 | |
| | 65,000 | | | Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29 (144A) | | | 66,990 | |
| | 100,000 | | | Venture Global Calcasieu Pass LLC, 4.125%, 8/15/31 (144A) | | | 105,000 | |
| | | | | Total Pipelines | | $ | 2,690,168 | |
| | | | | Real Estate — 0.4% | | | | |
| | 270,000 | | | Kennedy-Wilson, Inc., 4.75%, 2/1/30 | | $ | 277,366 | |
| | | | | Total Real Estate | | $ | 277,366 | |
| | | | | REITs — 4.2% | | | | |
| | 310,000 | | | HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, | | | | |
| | | | | 6/15/26(144A) | | $ | 315,905 | |
| | 680,000 | | | Iron Mountain, Inc., 4.875%, 9/15/27 (144A) | | | 708,050 | |
| | 50,000 | | | iStar, Inc., 4.25%, 8/1/25 | | | 52,125 | |
| | 702,000 | | | iStar, Inc., 4.75%, 10/1/24 | | | 745,033 | |
| | 378,000 | | | MPT Operating Partnership LP/MPT Finance Corp., 3.5%, | | | | |
| | | | | 3/15/31 | | | 388,622 | |
| | 610,000 | | | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, | | | | |
| | | | | 7.875%, 2/15/25 (144A) | | | 651,938 | |
| | 95,000 | | | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, | | | | |
| | | | | 6.5%, 2/15/29 (144A) | | | 99,156 | |
| | | | | Total REITs | | $ | 2,960,829 | |
| | | | | Retail — 3.8% | | | | |
| | 80,000 | | | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | | $ | 79,200 | |
| | 157,000 | | | Asbury Automotive Group, Inc., 4.5%, 3/1/28 | | | 163,242 | |
| | 220,000 | | | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | | | 220,275 | |
| | 180,000 | | | Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | | | 185,625 | |
| | 190,000 | | | L Brands, Inc., 6.625%, 10/1/30 (144A) | | | 218,975 | |
| | 265,000 | | | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | | | 272,287 | |
| | 135,000 | | | Lithia Motors, Inc., 3.875%, 6/1/29 (144A) | | | 141,554 | |
| | 130,000 | | | Macy’s Retail Holdings LLC, 5.875%, 4/1/29 (144A) | | | 142,038 | |
| | 235,000 | | | Murphy Oil USA, Inc., 3.75%, 2/15/31 (144A) | | | 237,092 | |
| | 194,000 | | | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | | | 202,245 | |
| | 265,000 | | | Penske Automotive Group, Inc., 3.75%, 6/15/29 | | | 269,638 | |
| | 80,000 | | | SRS Distribution, Inc., 4.625%, 7/1/28 (144A) | | | 82,440 | |
| | 50,000 | | | SRS Distribution, Inc., 6.125%, 7/1/29 (144A) | | | 51,938 | |
| | 406,000 | | | Staples, Inc., 7.5%, 4/15/26 (144A) | | | 410,060 | |
| | | | | Total Retail | | $ | 2,676,609 | |
| | | | | Software — 0.5% | | | | |
| | 340,000 | | | Rackspace Technology Global, Inc., 5.375%, | | | | |
| | | | | 12/1/28(144A) | | $ | 336,508 | |
| | | | | Total Software | | $ | 336,508 | |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | | |
| Principal | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Telecommunications — 4.9% | | | | |
| | 850,000 | | | Altice France Holding S.A., 6.0%, 2/15/28 (144A) | | $ | 844,390 | |
| | 185,000 | | | CommScope, Inc., 4.75%, 9/1/29 (144A) | | | 187,350 | |
| | 359,000 | | | CommScope, Inc., 8.25%, 3/1/27 (144A) | | | 378,458 | |
| | 687,000 | | | LogMeIn, Inc., 5.5%, 9/1/27 (144A) | | | 712,763 | |
| | 445,000 | | | Lumen Technologies, Inc., 4.5%, 1/15/29 (144A) | | | 436,696 | |
| | 275,000 | | | Plantronics, Inc., 4.75%, 3/1/29 (144A) | | | 263,274 | |
| | 611,000 | | | Windstream Escrow LLC/Windstream Escrow Finance | | | | |
| | | | | Corp., 7.75%, 8/15/28 (144A) | | | 631,245 | |
| | | | | Total Telecommunications | | $ | 3,454,176 | |
| | | | | Transportation — 2.8% | | | | |
| | 219,000 | | | Danaos Corp., 8.5%, 3/1/28 (144A) | | $ | 240,287 | |
| | 140,000 | | | Seaspan Corp., 5.5%, 8/1/29 (144A) | | | 143,150 | |
| | 300,000 | | | Seaspan Corp., 6.5%, 4/29/26 (144A) | | | 320,610 | |
| | 261,000 | | | Watco Cos., LLC/Watco Finance Corp., 6.5%, | | | | |
| | | | | 6/15/27(144A) | | | 279,270 | |
| | 858,000 | | | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | | | 967,395 | |
| | | | | Total Transportation | | $ | 1,950,712 | |
| | | | | Trucking & Leasing — 0.4% | | | | |
| | 275,000 | | | Fortress Transportation & Infrastructure Investors LLC, | | | | |
| | | | | 9.75%, 8/1/27 (144A) | | $ | 310,406 | |
| | | | | Total Trucking & Leasing | | $ | 310,406 | |
| | | | | TOTAL CORPORATE BONDS | | | | |
| | | | | (Cost $63,187,423) | | $ | 65,555,534 | |
| Face | | | | |
| Amount | | | | |
| USD ($) | | | | |
| | | | | INSURANCE-LINKED SECURITIES — 0.2% of | | | | |
| | | | | Net Assets# | | | | |
| | | | | Collateralized Reinsurance — 0.0%† | | | | |
| | | | | Multiperil – Worldwide — 0.0%† | | | | |
| | 250,000+(d) | | | Cypress Re 2017, 1/31/22 | | $ | 25 | |
| | 12,000+(d) | | | Limestone Re 2016-1, 8/31/22 | | | 1,431 | |
| | 250,000+(d)(e) | | | Resilience Re, 5/1/22 | | | — | |
| | | | | | | $ | 1,456 | |
| | | | | Total Collateralized Reinsurance | | $ | 1,456 | |
| | | | | Reinsurance Sidecars — 0.2% | | | | |
| | | | | Multiperil – U.S. — 0.1% | | | | |
| | 500,000+(d) | | | Carnoustie Re 2017, 11/30/21 | | $ | 65,900 | |
| | 1,500,000+(f) | | | Harambee Re 2018, 12/31/21 | | | 23,850 | |
| | | | | | | $ | 89,750 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 25
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Face | | | | |
| Amount | | | | |
| USD ($) | | | | Value |
| | | | | Multiperil – Worldwide — 0.1% | | | | |
| | 41,791+(d) | | | Berwick Re 2018-1, 12/31/21 | | $ | 3,230 | |
| | 29,857+(d) | | | Berwick Re 2019-1, 12/31/22 | | | 3,568 | |
| | 25,000+(d)(e) | | | Eden Re II, 3/22/22 (144A) | | | 7,881 | |
| | 250,000+(f) | | | Thopas Re 2018, 0.0%, 12/31/21 | | | 3,400 | |
| | 1,500,000+(d) | | | Versutus Re 2018, 12/31/21 | | | — | |
| | 250,000+(f) | | | Viribus Re 2018, 0.0%, 12/31/21 | | | — | |
| | 106,153+(f) | | | Viribus Re 2019, 12/31/22 | | | 4,437 | |
| | | | | | | $ | 22,516 | |
| | | | | Total Reinsurance Sidecars | | $ | 112,266 | |
| | | | | TOTAL INSURANCE-LINKED SECURITIES | | | | |
| | | | | (Cost $260,076) | | $ | 113,722 | |
| | | | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 93.5% | | | | |
| | | | | (Cost $63,652,404) | | $ | 65,837,476 | |
| | | | | OTHER ASSETS AND LIABILITIES — 6.5% | | $ | 4,582,711 | |
| | | | | NET ASSETS — 100.0% | | $ | 70,420,187 | |
| REIT | | Real Estate Investment Trust. |
| (144A) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2021, the value of these securities amounted to $56,181,940, or 79.8% of net assets. |
| † | | Amount rounds to less than 0.1%. |
| + | | Security that used significant unobservable inputs to determine its value. |
| ^ | | Security is valued using fair value methods (other than supplied by independent pricing services). |
| (a) | | Non-income producing security. |
| (b) | | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2021. |
| (c) | | Security is perpetual in nature and has no stated maturity date. (d) Issued as participation notes. |
| (e) | | Security issued with a zero coupon. Income is recognized through accretion of discount. (f) Issued as preference shares. |
| # | | Securities are restricted as to resale. |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | |
| | Acquisition | | |
| Restricted Securities | date | Cost | Value |
| Berwick Re 2018-1 | 1/29/2018 | $ 6,105 | $ 3,230 |
| Berwick Re 2019-1 | 12/31/2018 | 3,568 | 3,568 |
| Carnoustie Re 2017 | 1/5/2017 | 118,878 | 65,900 |
| Cypress Re 2017 | 1/24/2017 | 840 | 25 |
| Eden Re II | 12/15/2017 | 1,494 | 7,881 |
| Harambee Re 2018 | 12/19/2017 | 75,610 | 23,850 |
| Limestone Re 2016-1 | 12/15/2016 | 990 | 1,431 |
| Resilience Re | 2/8/2017 | 124 | — |
| Thopas Re 2018 | 12/12/2017 | 32,742 | 3,400 |
| Versutus Re 2018 | 1/31/2018 | — | — |
| Viribus Re 2018 | 12/22/2017 | 19,725 | — |
| Viribus Re 2019 | 3/25/2019 | — | 4,437 |
| Total Restricted Securities | | | $113,722 |
| % of Net assets | | | 0.2% |
SWAP CONTRACT
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT — BUY PROTECTION
| | | | | | | | |
| | | | Annual | | | | |
| Notional | Reference | Pay/ | Fixed | Expiration | Premiums | Unrealized | Market |
| Amount ($)(1) | Obligation/Index | Receive(2) | Rate | Date | Paid | (Depreciation) | Value |
| 5,550,000 | Markit CDX North | Pay | 5.00% | 6/20/26 | $47,021 | $(644,139) | $(597,118) |
| | America High Yield | | | | | | |
| | Index Series 36 | | | | | | |
| TOTAL CENTRALLY CLEARED CREDIT DEFAULT | | | | |
| SWAP CONTRACT — BUY PROTECTION | | | $47,021 | $(644,139) | $(597,118) |
| TOTAL SWAP CONTRACT | | | | $47,021 | $(644,139) | $(597,118) |
| (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. EUR – Euro
Purchases and sales of securities (excluding temporary cash investments) for the year ended August 31, 2021, aggregated $61,543,673 and $97,125,016, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended August 31, 2021, the Fund engaged in purchases of $368,549. During the year ended August 31, 2021, the Fund did not engage in sales pursuant to these procedures.
At August 31, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $63,066,913 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $2,212,626 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (39,181) |
| Net unrealized appreciation | $2,173,445 |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 27
Schedule of Investments | 8/31/21 (continued)
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 August 31, 2021, in valuing the Fund’s investments:
| | | | | | | | | |
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Common Stocks | | | | | | | | | | | | | | | | |
| Energy Equipment & Services | | $ | 136,414 | | | $ | — | | | $ | 31,806 | | | $ | 168,220 | |
| Corporate Bonds | | | — | | | | 65,555,534 | | | | — | | | | 65,555,534 | |
| Insurance-Linked Securities | | | | | | | | | | | | | | | | |
| Collateralized Reinsurance | | | | | | | | | | | | | | | | |
| Multiperil - Worldwide | | | — | | | | — | | | | 1,456 | | | | 1,456 | |
| Reinsurance Sidecars | | | | | | | | | | | | | | | | |
| Multiperil – U.S. | | | — | | | | — | | | | 89,750 | | | | 89,750 | |
| Multiperil – Worldwide | | | — | | | | — | | | | 22,516 | | | | 22,516 | |
| Total Investments in Securities | | $ | 136,414 | | | $ | 65,555,534 | | | $ | 145,528 | | | $ | 65,837,476 | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Swap contracts, at value | | $ | — | | | $ | (597,118 | ) | | $ | — | | | $ | (597,118 | ) |
| Total Other Financial Instruments | | $ | — | | | $ | (597,118 | ) | | $ | — | | | $ | (597,118 | ) |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | Insurance- |
| | Linked |
| | Securities |
| Balance as of 8/31/20 | $ — |
| Realized gain (loss) | — |
| Changed in unrealized appreciation (depreciation) | (139,658) |
| Accrued discounts/premiums | — |
| Purchases** | 426,428 |
| Sales | (141,242) |
| Transfers in to Level 3* | — |
| Transfers out of Level 3* | — |
| Balance as of 8/31/21 | $ 145,528 |
| * | | Transfers are calculated on the beginning of period value. During the year ended August 31, 2021, there were no transfers in or out of Level 3. |
| ** | | Acquired as part of the Reorganization. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at August 31, 2021: $(119,809)
The accompanying notes are an integral part of these financial statements.
28 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Statement of Assets and Liabilities | 8/31/21
| ASSETS: | | |
| Investments in unaffiliated issuers, at value (cost $63,652,404) | | $ | 65,837,476 | |
| Cash | | | 3,380,173 | |
| Foreign currencies, at value (cost $310,097) | | | 301,620 | |
| Swaps collateral | | | 7,211,921 | |
| Due from broker for swaps | | | 601,001 | |
| Receivables — | | | | |
| Investment securities sold | | | 144,096 | |
| Fund shares sold | | | 29,614 | |
| Interest | | | 959,787 | |
| Due from the Adviser | | | 125,884 | |
| Other assets | | | 23,223 | |
| Total assets | | $ | 78,614,795 | |
| LIABILITIES: | | | | |
| Payables — | | | | |
| Investment securities purchased | | $ | 425,000 | |
| Fund shares repurchased | | | 88,609 | |
| Distributions | | | 10,626 | |
| Trustees’ fees | | | 1,120 | |
| Swaps collateral | | | 6,934,807 | |
| Variation margin for centrally cleared swap contracts | | | 518 | |
| Swap contracts, at value (net premiums received $47,021) | | | 597,118 | |
| Due to affiliates | | | 35,356 | |
| Accrued expenses | | | 101,454 | |
| Total liabilities | | $ | 8,194,608 | |
| NET ASSETS: | | | | |
| Paid-in capital | | $ | 131,857,537 | |
| Distributable earnings | | | (61,437,350) | |
| Net assets | | $ | 70,420,187 | |
| NET ASSET VALUE PER SHARE: | | | | |
| No par value (unlimited number of shares authorized) | | | | |
| Class A (based on $23,369,136/2,533,822 shares) | | $ | 9.22 | |
| Class C (based on $6,940,179/757,071 shares) | | $ | 9.17 | |
| Class Y (based on $40,110,872/4,327,381 shares) | | $ | 9.27 | |
| MAXIMUM OFFERING PRICE PER SHARE: | | | | |
| Class A (based on $9.22 net asset value per share/100%-4.50% | | | | |
| maximum sales charge) | | $ | 9.65 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 29
| | | | | |
| Statement of Operations | | | | |
| FOR THE YEAR ENDED 8/31/21 | | | | |
| |
| INVESTMENT INCOME: | | | | | | | | |
| Interest from unaffiliated issuers | | $ | 4,695,249 | | | | | |
| Dividends from unaffiliated issuers | | | 58,660 | | | | | |
| Total investment income | | | | | | $ | 4,753,909 | |
| EXPENSES: | | | | | | | | |
| Management fees | | $ | 397,192 | | | | | |
| Administrative expense | | | 77,130 | | | | | |
| Transfer agent fees | | | | | | | | |
| Class A | | | 13,720 | | | | | |
| Class C | | | 7,281 | | | | | |
| Class Y | | | 39,192 | | | | | |
| Distribution fees | | | | | | | | |
| Class A | | | 51,589 | | | | | |
| Class C | | | 86,346 | | | | | |
| Shareowner communications expense | | | 7,424 | | | | | |
| Custodian fees | | | 13,065 | | | | | |
| Registration fees | | | 80,465 | | | | | |
| Professional fees | | | 169,040 | | | | | |
| Printing expense | | | 55,530 | | | | | |
| Pricing fees | | | 17,265 | | | | | |
| Trustees’ fees | | | 6,965 | | | | | |
| Miscellaneous | | | 11,242 | | | | | |
| Total expenses | | | | | | $ | 1,033,446 | |
| Less fees waived and expenses reimbursed by the Adviser | | | | | | | (404,065 | ) |
| Net expenses | | | | | | $ | 629,381 | |
| Net investment income | | | | | | $ | 4,124,528 | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 2,912,168 | | | | | |
| Swap contracts | | | 592,534 | | | | | |
| Other assets and liabilities denominated in | | | | | | | | |
| foreign currencies | | | (66 | ) | | $ | 3,504,636 | |
| Change in net unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 3,160,080 | | | | | |
| Swap contracts | | | (670,780 | ) | | | | |
| Other assets and liabilities denominated in | | | | | | | | |
| foreign currencies | | | (8,526 | ) | | $ | 2,480,774 | |
| Net realized and unrealized gain (loss) on investments | | | | | | $ | 5,985,410 | |
| Net increase in net assets resulting from operations | | | | | | $ | 10,109,938 | |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Statements of Changes in Net Assets
| | | |
| | Year | Year |
| | Ended | Ended |
| | 8/31/21 | 8/31/20 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 4,124,528 | $ 1,193,509 |
| Net realized gain (loss) on investments | 3,504,636 | (784,963) |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | 2,480,774 | (139,036) |
| Net increase in net assets resulting from operations | $ 10,109,938 | $ 269,510 |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A* ($0.30 and $0.47 per share, respectively) | $ (611,286) | $ (456,580) |
| Class C* ($0.24 and $0.41 per share, respectively) | (225,965) | (162,272) |
| Class Y* ($0.33 and $0.50 per share, respectively) | (1,827,295) | (592,086) |
| Tax return of capital: | | |
| Class A* ($0.16 and $- per share, respectively) | (406,019) | — |
| Class C* ($0.15 and $- per share, respectively) | (139,490) | — |
| Class Y* ($0.16 and $- per share, respectively) | (831,070) | — |
| Total distributions to shareowners | $ (4,041,125) | $ (1,210,938) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 8,774,554 | $ 6,941,361 |
| Shares issued in Reorganization | 97,124,435 | — |
| Reinvestment of distributions | 3,894,010 | 178,356 |
| Cost of shares repurchased | (68,280,716) | (3,965,129) |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 41,512,283 | $ 3,154,588 |
| Net increase in net assets | $ 47,581,096 | $ 2,213,160 |
| NET ASSETS: | | |
| Beginning of year | $ 22,839,091 | $20,625,931 |
| End of year | $ 70,420,187 | $22,839,091 |
| * | | The Fund (formerly known as Pioneer Dynamic Credit Fund) acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). Historical share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratios used for the Reorganization. |
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 31
Statements of Changes in Net Assets
(continued)
| | | | | | | | | |
| | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/21 | | 8/31/20 | | 8/31/20 |
| | | Shares | | Amount | | Shares | | Amount |
| Class A* | | | | | | | | | | | | | | | | |
| Shares sold | | | 691,100 | | | $ | 5,289,354 | | | | 178,005 | | | $ | 1,828,563 | |
| Shares issued in | | | | | | | | | | | | | | | | |
| Reorganization | | | 2,188,422 | | | | 18,835,176 | | | | — | | | | — | |
| Reinvestment of | | | | | | | | | | | | | | | | |
| distributions | | | 106,818 | | | | 966,019 | | | | 2,923 | | | | 31,239 | |
| Less shares repurchased | | | (1,373,358 | ) | | | $(12,073,904 | ) | | | (95,536 | ) | | | (957,820 | ) |
| Net increase | | | 1,612,982 | | | $ | 13,016,645 | | | | 85,392 | | | $ | 901,982 | |
| Class C* | | | | | | | | | | | | | | | | |
| Shares sold | | | 47,342 | | | $ | 318,092 | | | | 1,921 | | | $ | 21,799 | |
| Shares issued in | | | | | | | | | | | | | | | | |
| Reorganization | | | 1,291,533 | | | | 11,054,272 | | | | — | | | | — | |
| Reinvestment of | | | | | | | | | | | | | | | | |
| distributions | | | 40,151 | | | | 360,454 | | | | 164 | | | | 1,804 | |
| Less shares repurchased | | | (708,098 | ) | | | (6,359,248 | ) | | | (281,824 | ) | | | (3,000,212 | ) |
| Net increase (decrease) | | | 670,928 | | | $ | 5,373,570 | | | | (279,739 | ) | | $ | (2,976,609 | ) |
| Class Y* | | | | | | | | | | | | | | | | |
| Shares sold | | | 502,347 | | | $ | 3,167,108 | | | | 446,257 | | | $ | 5,090,999 | |
| Shares issued in | | | | | | | | | | | | | | | | |
| Reorganization | | | 7,770,271 | | | | 67,234,987 | | | | — | | | | — | |
| Reinvestment of | | | | | | | | | | | | | | | | |
| distributions | | | 282,989 | | | | 2,567,537 | | | | 13,952 | | | | 145,313 | |
| Less shares repurchased | | | (5,544,638 | ) | | | (49,847,564 | ) | | | (654 | ) | | | (7,097 | ) |
| Net increase | | | 3,010,969 | | | $ | 23,122,068 | | | | 459,555 | | | $ | 5,229,215 | |
| * | | The Fund (formerly known as Pioneer Dynamic Credit Fund) acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”). Historical share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratios used for the Reorganization. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Financial Highlights
| | | | | | |
| | Year | Year | Year | Year | |
| | Ended | Ended | Ended | Ended | 1/3/17(^) to |
| | 8/31/21* | 8/31/20* | 8/31/19* | 8/31/18* | 8/31/17* |
| Class A | | | | | |
| Net asset value, beginning of period | $ 8.78 | $ 9.06 | $ 8.90 | $ 9.13 | $ 8.93 |
| Increase (decrease) from investment operations: | | | | | |
| Net investment income (loss) (a) | $ 0.46 | $ 0.46 | $ 0.45 | $ 0.42 | $ 0.26 |
| Net realized and unrealized gain (loss) on investments | 0.44 | (0.27) | 0.16 | (0.20) | 0.19 |
| Net increase from investment operations | $ 0.90 | $ 0.19 | $ 0.61 | $ 0.22 | $ 0.45 |
| Distributions to shareowners: | | | | | |
| Net investment income | $ (0.30) | $ (0.47) | $ (0.45) | $ (0.41) | $ (0.25) |
| Net realized gain | — | — | — | (0.04) | — |
| Tax return of capital | (0.16) | — | — | — | — |
| Total distributions | $ (0.46) | $ (0.47) | $ (0.45) | $ (0.45) | $ (0.25) |
| Net increase (decrease) in net asset value | $ 0.44 | $ (0.28) | $ 0.16 | $ (0.23) | $ 0.20 |
| Net asset value, end of period | $ 9.22 | $ 8.78 | $ 9.06 | $ 8.90 | $ 9.13 |
| Total return (b) | 10.45% | 2.25% | 7.13% | 2.60% | 5.00%(c) |
| Ratio of net expenses to average net assets | 0.90% | 0.93% | 1.00% | 1.01% | 1.02%(d) |
| Ratio of net investment income (loss) to average net assets | 5.05% | 5.27% | 5.10% | 4.68% | 4.40%(d) |
| Portfolio turnover rate | 83% | 92% | 60% | 114% | 113%(c) |
| Net assets, end of period (in thousands) | $23,369 | $9,052 | $ 8,374 | $8,009 | $8,076 |
| 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 | 1.40% | 2.03% | 2.12% | 1.91% | 3.89%(d) |
| Net investment income (loss) to average net assets | 4.55% | 4.17% | 3.98% | 3.78% | 1.53%(d) |
| * | | The Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”) .. As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. Historical per-share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratio used to align the net asset values of the Predecessor Fund with those of the Fund. See Notes to Financial Statements — Note 8. |
| (^) | | Class A shares commenced operations on January 3, 2017. |
| (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 Corporate High Yield Fund | Annual Report | 8/31/21 33
Financial Highlights (continued)
| | Year | Year | Year | Year | |
| | Ended | Ended | Ended | Ended | 1/3/17(^) to |
| | 8/31/21* | 8/31/20* | 8/31/19* | 8/31/18* | 8/31/17* |
| Class C | | | | | |
| Net asset value, beginning of period | $ 8.73 | $ 8.94 | $ 8.79 | $ 9.01 | $ 8.82 |
| Increase (decrease) from investment operations: | | | | | |
| Net investment income (loss) (a) | $ 0.39 | $ 0.41 | $ 0.38 | $ 0.35 | $ 0.21 |
| Net realized and unrealized gain (loss) on investments | 0.44 | (0.21) | 0.15 | (0.19) | 0.18 |
| Net increase from investment operations | $ 0.83 | $ 0.20 | $ 0.53 | $ 0.16 | $ 0.39 |
| Distributions to shareowners: | | | | | |
| Net investment income | $ (0.24) | $ (0.41) | $ (0.38) | $ (0.34) | $ (0.20) |
| Net realized gain | — | — | — | (0.04) | — |
| Tax return of capital | (0.15) | — | — | — | — |
| Total distributions | $ (0.39) | $ (0.41) | $ (0.38) | $ (0.38) | $ (0.20) |
| Net increase (decrease) in net asset value | $ 0.44 | $ (0.21) | $ 0.15 | $ (0.22) | $ 0.19 |
| Net asset value, end of period | $ 9.17 | $ 8.73 | $ 8.94 | $ 8.79 | $ 9.01 |
| Total return (b) | 9.64% | 2.30% | 6.34% | 1.84% | 4.44%(c) |
| Ratio of net expenses to average net assets | 1.65% | 1.50% | 1.75% | 1.75% | 1.75%(d) |
| Ratio of net investment income (loss) to average net assets | 4.35% | 4.67% | 4.35% | 3.94% | 3.67%(d) |
| Portfolio turnover rate | 83% | 92% | 60% | 114% | 113%(c) |
| Net assets, end of period (in thousands) | $6,940 | $ 853 | $ 4,089 | $3,983 | $4,032 |
| 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 | 2.14% | 2.58% | 2.87% | 2.65% | 4.63%(d) |
| Net investment income (loss) to average net assets | 3.86% | 3.59% | 3.23% | 3.04% | 0.79%(d) |
| * | | The Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”) .. As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. Historical per-share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratio used to align the net asset values of the Predecessor Fund with those of the Fund. See Notes to Financial Statements — Note 8. |
| (^) | | Class C shares commenced operations on January 3, 2017. |
| (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.
34 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
| | | | | | |
| | Year | Year | Year | Year | |
| | Ended | Ended | Ended | Ended | 1/3/17(^) to |
| | 8/31/21* | 8/31/20* | 8/31/19* | 8/31/18* | 8/31/17* |
| Class Y | | | | | |
| Net asset value, beginning of period | $ 8.82 | $ 9.11 | $ 8.95 | $ 9.17 | $ 8.98 |
| Increase (decrease) from investment operations: | | | | | |
| Net investment income (loss) (a) | $ 0.49 | $ 0.48 | $ 0.48 | $ 0.45 | $ 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.45 | (0.27) | 0.16 | (0.20) | 0.17 |
| Net increase from investment operations | $ 0.94 | $ 0.21 | $ 0.64 | $ 0.25 | $ 0.45 |
| Distributions to shareowners: | | | | | |
| Net investment income | $ (0.33) | $ (0.50) | $ (0.48) | $ (0.43) | $ (0.26) |
| Net realized gain | — | — | — | (0.04) | — |
| Tax return of capital | (0.16) | — | — | — | — |
| Total distributions | $ (0.49) | $ (0.50) | $ (0.48) | $ (0.47) | $ (0.26) |
| Net increase (decrease) in net asset value | $ 0.45 | $ (0.29) | $ 0.16 | $ (0.22) | $ 0.19 |
| Net asset value, end of period | $ 9.27 | $ 8.82 | $ 9.11 | $ 8.95 | $ 9.17 |
| Total return (b) | 10.80% | 2.53% | 7.41% | 2.86% | 5.14%(c) |
| Ratio of net expenses to average net assets | 0.60% | 0.63% | 0.75% | 0.75% | 0.75%(d) |
| Ratio of net investment income (loss) to average net assets | 5.40% | 5.58% | 5.35% | 4.94% | 4.67%(d) |
| Portfolio turnover rate | 83% | 92% | 60% | 114% | 113%(c) |
| Net assets, end of period (in thousands) | $40,111 | $12,934 | $ 8,163 | $8,021 | $8,081 |
| 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 | 1.12% | 1.76% | 1.87% | 1.66% | 3.63%(d) |
| Net investment income (loss) to average net assets | 4.88% | 4.45% | 4.23% | 4.03% | 1.79%(d) |
| * | | The Fund acquired the assets and liabilities of Pioneer Corporate High Yield Fund (the “Predecessor Fund”) on September 25, 2020 (the “Reorganization”) .. As a result of the Reorganization, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. Historical per-share amounts prior to September 25, 2020 have been adjusted to reflect the exchange ratio used to align the net asset values of the Predecessor Fund with those of the Fund. See Notes to Financial Statements — Note 8. |
| (^) | | Class Y shares commenced operations on January 3, 2017. |
| (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 Corporate High Yield Fund | Annual Report | 8/31/21 35
Notes to Financial Statements | 8/31/21
1. Organization and Significant Accounting Policies
Pioneer Corporate High Yield Fund (the “Fund”) is one of three portfolios comprising Pioneer Series Trust X, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. Effective September 25, 2020, Pioneer Corporate High Yield Fund (the “Predecessor Fund”) reorganized with Pioneer Dynamic Credit Fund through a tax-free reorganization (the “Reorganization”). Pioneer Dynamic Credit Fund was the legal and tax survivor of the Reorganization. The Predecessor Fund was the accounting and performance survivor and as such the Predecessor Fund’s performance and financial history have become the performance and financial history of the Fund. For financial reporting purposes, net assets of $97,124,435, including unrealized depreciation of securities of $1,009,354, were combined with the Predecessor Fund as part of the Reorganization. The financial highlights and shareholder activity, as reflected in the Statements of Changes in Net assets and Statements of financial highlights, have been adjusted to reflect the exchange ratios used for the Reorganization of the Fund with the Predecessor Fund. As a result of the Reorganization, Pioneer Dynamic Credit Fund was renamed Pioneer Corporate High Yield Fund. For additional information about the Reorganization see Note 8. The investment objective of the Fund is to achieve a high level of current income and long-term capital appreciation.
The Fund offers four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class K shares had not commenced operations as of August 31, 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 shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.
36 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended August 31, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 37
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 alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case
38 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 39
At August 31, 2021, one security was 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 0.05% of net assets. The value of this fair valued security was $31,806.
| B. | | Investment Income and Transactions |
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
| C. | | Foreign Currency Translation |
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
40 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
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 August 31, 2021, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
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.
At August 31, 2021, the Fund reclassified $100,087 to increase distributable earnings and $100,087 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At August 31, 2021, the Fund was permitted to carry forward indefinitely $28,043,175 of short-term losses and $35,548,468 of long-term losses, which may subject to limitations imposed by the Internal Revenue Code.
For tax reporting purposes, the tax character of distributions paid by Pioneer Corporate High Yield Fund (FKA Pioneer Dynamic Credit Fund) were as follows:
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 41
As the legal survivor of the Reorganization, the Fund’s tax fiscal year end continued to be March 31. The Fund will conform its tax fiscal year end to match its accounting fiscal year end by filing a short period return ending on August 31, 2021.
The tax character of distributions paid during the short tax year ended August 31, 2021, the tax year ended March 31, 2021 and the tax year ended March 31, 2020 were as follows:
| | 4/1/21 to | 4/1/20 to | 4/1/19 to |
| | 8/31/21 | 3/31/21 | 3/31/20 |
| Distributions paid from: | | | |
| Ordinary income | $ 302,426 | $4,567,102 | $7,765,368 |
| Long-term capital gain | — | — | — |
| | $ 302,426 | $4,567,102 | $7,765,368 |
| Return of Capital | 1,150,162 | 226,417 | 459,598 |
| Total | $1,452,588 | $4,793,519 | $8,224,966 |
The following shows the components of distributable earnings on a federal income tax-basis at August 31, 2021:
| | 2021 |
| Distributable earnings/(losses): | |
| Capital loss carryforward | $(63,591,643) |
| Current year dividend payable | (10,626) |
| Net unrealized appreciation | 2,164,919 |
| Total | $(61,437,350) |
The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to event-linked bonds and the tax treatment of swaps.
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $1,583 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2021.
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
42 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C 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, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 43
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The effect of any changes to — or discontinuation of — LIBOR on the portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity 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
44 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 45
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.
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at August 31, 2021 are listed in the Schedule of Investments.
| I. | | Insurance-Linked Securities (“ILS”) |
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes
46 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
| J. | | 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 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
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 47
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 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 August 31, 2021, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the year ended August 31, 2021, was $302,364. Open credit default swap contracts at August 31, 2021, are listed in the Schedule of Investments.
48 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.50% of the Fund’s average daily net assets up to $1 billion and 0.45% of the Fund’s average daily net assets over $1 billion. For the year ended August 31, 2021, the effective management fee (excluding waivers and/or reimbursement) was equivalent to 0.50% of the Fund’s average daily net assets.
The Adviser 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 0.90%, 1.65% and 0.60% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through January 1, 2022. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended 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 $33,613 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended August 31, 2021, the Fund paid $6,965 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At August 31, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $1,120.
4. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 49
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2021, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $3,005 |
| Class C | 1,215 |
| Class Y | 3,204 |
| Total | $7,424 |
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 $1,743 in distribution fees payable to the Distributor at August 31, 2021.
In addition, redemptions of Class A and Class C shares (except Class Y shares) may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2021, no CDSCs were paid to Distributor.
50 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 3, 2021, the Fund participates in a facility in the amount of $450 million. Prior to February 3, 2021, the Fund participated in a facility in the amount of $300 million. The credit facility renewal was effective February 3, 2021. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended August 31, 2021, the Fund had no borrowings under the credit facility.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 51
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at August 31, 2021, was as follows:
| | | | Foreign | | |
| Statement of Assets | Interest | Credit | Exchange | Equity | Commodity |
| and Liabilities | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Liabilities | | | | | |
| Swap contracts, | | | | | |
| at value | $ — | $597,118 | $ — | $ — | $ — |
| Total Value | $ — | $597,118 | $ — | $ — | $ — |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at August 31, 2021, was as follows:
| | | | Foreign | | |
| | Interest | Credit | Exchange | Equity | Commodity |
| Statement of Operations | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Net realized gain | | | | | |
| (loss) on: | | | | | |
| Swap contracts | $ — | $ 592,534 | $ — | $ — | $ — |
| Total Value | $ — | $ 592,534 | $ — | $ — | $ — |
| Change in net | | | | | |
| unrealized appreciation | | | | | |
| (depreciation) on: | | | | | |
| Swap contracts | $ — | $(670,780) | $ — | $ — | $ — |
| Total Value | $ — | $(670,780) | $ — | $ — | $ — |
8. Reorganization Information
On September 25, 2020 (“Reorganization Date”), the Predecessor Fund was reorganized with the Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund and the Predecessor Fund. The purpose of this transaction was to combine two funds (managed by Amundi) with similar investment objectives and strategies.
This tax-free reorganization was accomplished by a tax-free exchange of the assets and liabilities of the Predecessor Fund for shares of the Fund. Neither the Funds nor their shareowners realized gain (loss) as a direct result of the Reorganization. Shareowners holding Class A, C and Y shares of the Predecessor Fund received Class A, C and Y shares of the Fund, respectively, in the Reorganization.
52 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
For financial reporting purposes, assets received and shares issued by the Fund were recorded at net asset value, however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareowners for tax reporting purposes. The Fund was the legal survivor of the Reorganization. The Predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the Predecessor Fund’s performance and financial history became the performance and financial history of the Fund. Prior to the Reorganization, the Fund was named Pioneer Dynamic Credit Fund.
The following charts show the details of the Reorganization as of Reorganization Date:
| | Fund (formerly, | Predecessor Fund | Fund (renamed |
| | Pioneer Dynamic | (Pioneer Corporate | Pioneer Corporate |
| | Credit Fund) | High Yield Fund) | High Yield Fund) |
| | (Pre-Reorganization) | (Pre-Reorganization) | (Post-Reorganization) |
| Net Assets | | | |
| Class A | $18,835,176 | $ 8,589,931 | $ 27,425,107 |
| Class C | 11,054,272 | 836,239 | 11,890,511 |
| Class Y | 67,234,987 | 12,684,049 | 79,919,036 |
| Total Net Assets | $97,124,435 | $22,110,219 | $119,234,654 |
| Shares Outstanding | | | |
| Class A | 2,188,422 | 997,664* | 3,186,086 |
| Class C | 1,291,533 | 97,692* | 1,389,225 |
| Class Y | 7,770,271 | 1,466,357* | 9,236,628 |
| | Pre-conversion | Exchange | Post-conversion |
| | Shares | Ratio* | Shares* |
| Class A | 890,984 | 1.1197 | 997,664 |
| Class C | 86,169 | 1.1337 | 97,692 |
| Class Y | 1,316,312 | 1.1140 | 1,466,357 |
| | | Exchange | Shares Issued in |
| | | Ratio | Reorganization** |
| Class A | | 1.0000 | 2,188,422 |
| Class C | | 1.0000 | 1,291,533 |
| Class Y | | 1.0000 | 7,770,271 |
| * | | Share amounts have been adjusted to reflect the exchange ratios utilized to align the net asset values of the Predecessor Fund with those of the Fund. |
| ** | | Reflects shares issued by the Predecessor Fund, the accounting survivor with an aggregate value of $97,124,435, as shown on the Statements of Changes in Net Assets. |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 53
| | Unrealized | Accumulated |
| | Appreciation/(Depreciation) | Gain/(Loss) on |
| | on Reorganization Date | Reorganization Date |
| | September 25, 2020 | September 25, 2020 |
| Fund | $(1,009,354) | $(67,104,414) |
| Predecessor Fund | (337,123) | (1,181,865) |
Assuming the Reorganization had been completed on September 1, 2020, the beginning of the Fund’s current fiscal year, the pro forma results of operations for the year ended August 31, 2021, are as follows:
| Net Investment Income (Loss) | $4,429,183 |
| Net Realized and Unrealized Gains | 3,567,729 |
| Net increase in net assets resulting from operations | $7,996,912 |
Because the combined investment portfolio has been managed as a single integrated portfolio since the Reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Pioneer Corporate High Yield Fund that have been included in the Fund’s Statement of Operations since the Reorganization Date.
54 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust X and the Shareholders of Pioneer Corporate High Yield Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Corporate High Yield Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust X (the “Trust”)), including the schedule of investments, as of August 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Corporate High Yield Fund (one of the funds constituting Pioneer Series Trust X) at August 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 55
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 4, 2021
56 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Additional Information (unaudited)
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund’s ordinary income distributions derived from qualified interest income was 100%.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 57
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s
58 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 59
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
60 Pioneer Corporate High Yield Fund | Annual Report |8/31/21
Independent Trustees
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Thomas J. Perna (70) | Trustee since 2016. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (64) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) (2012-2018); | |
| | trustee is elected or | Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice | |
| | earlier retirement | President Head of Product, BNY Mellon Investment Management (2007-2012); | |
| | or removal. | Executive Director- Product Strategy, Mellon Asset Management (2005-2007); | |
| | | Executive Vice President Head of Products, Marketing and Client Service, | |
| | | Dreyfus Corporation (investment management firm) (2000-2005); and Senior | |
| | | Vice President Strategic Product and Business Development, Dreyfus | |
| | | Corporation (1994-2000) | |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 61
Independent Trustees (continued)
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Benjamin M. Friedman (77) | Trustee since 2016. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master Portfolio |
| | earlier retirement | | (oversaw 17 portfolios in fund |
| | or removal. | | complex) (1989 - 2008) |
| Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – |
| | earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, |
| | or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); |
| | | Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board Co- |
| | | | Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
62 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (65) | Trustee since 2017. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) (1993 – 2001); | |
| | until a successor trustee | Vice President – Corporate Finance and Treasury Group, Citibank, N.A. | |
| | is elected or earlier | (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management | |
| | retirement or removal. | Group, Federal Farm Funding Corporation (government-sponsored issuer of | |
| | | debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman | |
| | | Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies | |
| | | Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (73) | Trustee since 2016. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
| | earlier retirement | Executive trustee is elected or Officer, Metric Financial Inc. (formerly known | investment company) (2004 – |
| | or removal. | as Newbury Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
| Fred J. Ricciardi (74) | Trustee since 2016. | Private investor (2020 – present); Consultant (investment company services) | None |
| Trustee | Serves until a successor | (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment | |
| | trustee is elected or | company services) (1969 – 2012); Director, BNY International Financing Corp. | |
| | earlier retirement | (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. | |
| | or removal. | (financial services) (2009 – 2012); Director, Financial Models (technology) | |
| | | (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment | |
| | | companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, | |
| | | Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative | |
| | | Investment Services, Inc. (financial services) (2005-2007) |
| |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 63
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (59)* | Trustee since 2017. | Director, CEO and President of Amundi US, Inc. (investment management | None |
| Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi Asset | |
| Chief Executive Officer | trustee is elected or | Management US, Inc. (since September 2014); Director, CEO and President of | |
| | earlier retirement | Amundi Distributor US, Inc. (since September 2014); Director, CEO and | |
| | or removal | President of Amundi Asset Management US, Inc. (since September 2014); | |
| | | Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset | |
| | | Management US, Inc. (September 2014 – 2018); Managing Director, Morgan | |
| | | Stanley Investment Management (investment management firm) (2010 – | |
| | | 2013); Director of Institutional Business, CEO of International, Eaton Vance | |
| | | Management (investment management firm) (2005 – 2010); and Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
| Kenneth J. Taubes (63)* | Trustee since 2016. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); | |
| | trustee is elected or | Director and Executive Vice President and Chief Investment Officer, U.S. of | |
| | earlier retirement | Amundi US (since 2008); Executive Vice President and Chief Investment | |
| | or removal | Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio | |
| | | Manager of Amundi US (since 1999); and Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| * Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
64 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (56) | Since 2016. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of the | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; and Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (58) | Since 2016. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of the | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
| | Board | Amundi US from June 2007 to May 2013 | |
| Anthony J. Koenig, Jr. (57) | Since 2021. Serves at | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of the | None |
| Treasurer and Chief Financial | the discretion of the | Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
| and Accounting Officer | Board | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (56) | Since 2016. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
| Assistant Treasurer | the discretion of the | of all of the Pioneer Funds since 1999 | |
| | Board | | |
| Gary Sullivan (63) | Since 2016. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2002 | |
| | Board | | |
| Antonio Furtado (39) | Since 2020. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury | |
| | Board | Analyst from 2012 - 2020 | |
Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 65
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Michael Melnick (50) | Since July 2021. Serves | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | at the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
| | the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of | |
| | | Amundi US from 2000 - 2001 | |
| John Malone (50) | Since 2018. Serves | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | at the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer Funds | |
| | the Board | since September 2018; and Chief Compliance Officer of Amundi Distributor | |
| | | US, Inc. since January 2014. | |
| Kelly O’Donnell (50) | Since 2016. Serves | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
| Anti-Money Laundering | at the discretion of | Officer of all the Pioneer Funds since 2006 | |
| Officer | the Board | | |
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Pioneer Corporate High Yield Fund | Annual Report | 8/31/21 67
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68 Pioneer Corporate High Yield Fund | Annual Report | 8/31/21
How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
| Call us for: | |
| Account Information, including existing accounts, | |
| new accounts, prospectuses, applications | |
| and service forms | 1-800-225-6292 |
| FactFoneSM for automated fund yields, prices, | |
| account information and transactions | 1-800-225-4321 |
| Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
| | |
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.com/us | |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 30494-04-1021
Pioneer Global Equity Fund
Annual Report | August 31, 2021
| | | | | |
| A: GLOSX | C: GCSLX | K: PGEKX | R: PRGEX | Y: PGSYX |
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer Global Equity Fund | Annual Report | 8/31/21 1
Table of Contents
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), partisan debates over spending packages in Washington (particularly infrastructure spending), and the possibility of major tax-policy changes, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer Global Equity Fund | Annual Report | 8/31/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
October 2021
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Global Equity Fund | Annual Report | 8/31/21 3
Portfolio Management Discussion | 8/31/21
In the following interview, portfolio managers Marco Pirondini, John Peckham, and Brian Chen discuss the factors that influenced the performance of Pioneer Global Equity Fund during the 12-month period ended August 31, 2021. Mr. Pirondini, Senior Managing Director, Head of Equities, US, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Peckham, a Senior Vice President and a portfolio manager at Amundi US, and Mr. Chen, 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 12-month period ended August 31, 2021? |
| A | | Pioneer Global Equity Fund’s Class A shares returned 35.53% at net asset value during the 12-month period ended August 31, 2021, while the Fund’s benchmarks, the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index1, returned 29.76% and 28.64%, respectively. During the same period, the average return of the 336 mutual funds in Morningstar’s World Large Stock Blended Funds category was 28.00%. |
| Q | | How would you characterize the investment environment in the global equity markets during the 12-month period ended August 31, 2021? |
| A | | Overall, the period was an exceptionally strong one for global equities. In the early stages of the period, heightened levels of macroeconomic uncertainty had a negative effect on investor sentiment, and on the performance of so-called riskier assets, including equities. The contentious US presidential election had introduced increased political risk into the markets, and sustained upticks in COVID-19 cases had raised |
| 1 | | The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated 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 disclaim 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 Equity Fund | Annual Report | 8/31/21
fears of renewed lockdown measures. By the end of 2020, however, the presidential election results had been resolved, two COVID-19 vaccines had received emergency-use approval, and the US Congress had passed a $900 billion relief package, developments that led investors to believe that a return to what could be considered “normal” economic conditions could come sooner rather than later. Riskier assets rallied in response.
The first quarter of 2021 saw strong returns in the global equity markets, with notably increased US Treasury yields and higher inflation expectations driven by investor optimism about the outlook for global economic growth. Contributing to the optimistic view was the Democratic Party’s assuming control over both houses of Congress in January, which led to passage of a new $1.9 billion stimulus package and, later, a proposed $3 billion infrastructure bill. Continued distributions of COVID-19 vaccines along with a general decline in new cases over the winter also bolstered investors’ appetite for risk, especially when coupled with the ongoing reopening of the global economy.
As the period progressed, the US Federal Reserve’s (Fed’s) continued dovish posture on monetary policy lent further support to the markets, as the US central bank expressed its intent to remain “on the sidelines” with regard to major policy changes until at least 2023. The Fed based the projection on its view that near-term increases in inflation above the usual 2% target would be transitory rather than structural. The Fed also said it would look at average inflation over time, rather than feeling obligated to respond to an isolated uptick in prices of certain goods and services by raising interest rates.
However, the “reflation trade” wobbled during June 2021, as market participants navigated around growing apprehension over the spread of COVID-19 variants and a somewhat “hawkish” Federal Open Market Committee (FOMC) meeting that month. Treasury-market investors reacted to the updated Fed member forecasts that suggested an earlier increase in short-term interest rates than previously anticipated. However, sentiment stabilized shortly thereafter, thus providing stocks with some upward momentum as the period ended.
Pioneer Global Equity Fund | Annual Report | 8/31/21 5
| Q | | Would you review the Fund’s overall investment approach? |
| A | | When picking investments for the Fund, we examine mid- and large-capitalization stocks worldwide, including those located in the emerging markets. From there, we build a diversified* portfolio. We look for stocks that we think can provide “growth at a reasonable price,” and so there is a strong value component to our analysis. We seek to invest the Fund in companies that are not only benefiting from operating efficiencies as reflected in factors such as increased market share and revenues, but that are also employing their capital efficiently. In particular, we emphasize strong free cash flow, as that has tended to provide companies with the flexibility to do share buybacks, reinvest in their businesses, make acquisitions, and raise dividends**. We also look for stocks with attractive dividend yields as well as those trading at below-market valuations. |
Finally, we attempt to assess not only the potential price gains for each stock, but also the potential for a decline in price if circumstances become unfavorable. We prefer stocks that we believe have the highest potential upside relative to their downside.
| Q | | Which of your investment decisions or individual portfolio holdings either aided or detracted from the Fund’s relative performance during the 12-month period ended August 31, 2021? |
| A | | During the period, stock selection was the primary driver of the Fund’s relative outperformance, while sector allocations provided additional support. In terms of absolute performance, the top positive contributors to the Fund’s returns came from investments in financials, communication services, and energy. With respect to results relative to the MSCI World Index, the portfolio’s positioning within communication services, consumer staples, and energy were the leading positive contributors to the Fund’s performance. There were no material detractors from relative returns with regard to the Fund’s sector positioning during the 12-month period. |
Among individual holdings, a wide range of strong performers contributed positively to the Fund’s relative outperformance during the 12-month period. A position in Alphabet, the internet content and information giant, was one of the top performers for the Fund on a relative-return basis. The stock gained momentum over the period from growth in the company’s Google search and YouTube video services, as well as from its “cloud” infrastructure business. Multiple strong
* Diversification does not assure a profit nor protect against loss.
** Dividends are not guaranteed.
6 Pioneer Global Equity Fund | Annual Report | 8/31/21
contributors to the Fund’s positive results relative to the MSCI World Index came from holdings within the financials sector, particularly the portfolio’s position in Mexican bank Grupo Financiero Banorte, as the company’s business showed significant resilience through the worst of the pandemic-induced economic decline. A position in global automaker Stellantis, from the industrials sector, was a top-three positive performer for the Fund relative to the MSCI World Index during the past 12 months, as the company successfully navigated through difficult supply-chain conditions in the industry.
On the negative side, the largest individual detractor from the Fund’s relative performance over the 12-month period was a position in Chinese internet and e-commerce giant Alibaba, as the Chinese government’s tightening of restrictions on many major corporations caused a negative reaction among investors. Within health care, the Fund’s holding of shares in biotechnology company Regeneron Pharmaceuticals weighed on relative returns as investors grew concerned about drug-patent expirations. We eliminated the Fund’s position. Finally, our decision not to invest in Tesla, the US-based manufacturer of electric vehicles, detracted from the Fund’s relative results, as the stock was one of the best performers in the market over the 12-month period.
| Q | | Did the Fund have any exposure to derivatives during the 12-month period ended August 31, 2021, and did those investments have an effect on performance? |
| A | | During portions of the 12-month period, the Fund employed derivative securities at a minimal level (primarily forward foreign currency exchange contracts, for hedging purposes), which had a negligible effect on performance. |
| Q | | What is your outlook, and how is the Fund positioned heading into a new fiscal year? |
| A | | While the spread of the COVID-19 “Delta” variant has increased market anxiety, we remain optimistic that the economic recovery could continue to move forward, as we believe data concerning the new virus cases has helped illustrate the effectiveness of the vaccines in preventing or at least limiting serious illness. If the economic recovery progresses, we think reflationary pressures could have a positive effect on the yield curve and help drive another market rotation into value stocks, although that could turn out to be a longer-term trend that may not move in a straight line. |
Pioneer Global Equity Fund | Annual Report | 8/31/21 7
As the period opened in September 2020, we moved to position the Fund for a potential recovery from the pandemic-caused economic slump by increasing the portfolio’s allocation to cyclical stocks, or stocks of companies with more exposure to the ebbs and flows of the economic cycle. We also made investments in more value-oriented stocks. Those moves led to overweight allocations to energy and bank stocks within the portfolio. In addition, we invested in shares of select consumer-related companies that had been trading at a discount in the wake of the COVID-19 lockdowns at the outset of the pandemic.
As the economic recovery progressed, we began to focus on investing in what we viewed as companies with idiosyncratic stories that we felt could benefit from a broader economic reopening. Conversely, we avoided investing in companies that we felt had exposure to significant risks and that featured balance sheets with higher amounts of leverage. In addition, we reduced the Fund’s positions in several mega-cap technology stocks, moving to underweights versus the benchmark.
More broadly, we have not made any material changes with respect to the Fund’s geographical positioning and sector exposures. We continue to believe that the US represents the best opportunity set for equity investors. However, we have found what we believe to be attractive valuation discrepancies that have led us to overweight the portfolio to both Japan and the emerging markets, most notably South Korea.
From a sector perspective, if our macroeconomic view turns out to be correct over the longer term, we believe the Fund could be positioned to benefit, especially within financials, energy, and materials. Meanwhile, the Fund remains underweight to information technology, health care, and real estate.
8 Pioneer Global Equity Fund | Annual Report | 8/31/21
Please refer to the Schedule of Investments on pages 19–23 for a full listing of fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets 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.
Investments in small- and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than investments in larger, more established companies.
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.
The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
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 advisor 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 Global Equity Fund | Annual Report | 8/31/21 9
Portfolio Summary | 8/31/21
Sector Distribution
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
10 Largest Holdings
(As a percentage of total investments)*
| 1. | Alphabet, Inc. | 4.22% |
| 2. | Pfizer, Inc. | 3.77 |
| 3. | Royal Dutch Shell Plc, Class B (A.D.R.) | 3.60 |
| 4. | KB Financial Group, Inc. | 3.56 |
| 5. | Mitsubishi UFJ Financial Group, Inc. | 3.02 |
| 6. | Wells Fargo & Co. | 2.99 |
| 7. | Gilead Sciences, Inc. | 2.56 |
| 8. | Microsoft Corp. | 2.31 |
| 9. | AbbVie, Inc. | 2.26 |
| 10. | Hartford Financial Services Group, Inc. | 2.26 |
| * | | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
10 Pioneer Global Equity Fund | Annual Report | 8/31/21
Prices and Distributions | 8/31/21
Net Asset Value per Share
| | | |
| Class | 8/31/21 | 8/31/20 |
| A | $21.08 | $15.69 |
| C | $20.57 | $15.29 |
| K | $21.10 | $15.70 |
| R | $20.95 | $15.60 |
| Y | $21.15 | $15.74 |
Distributions per Share: 9/1/20–8/31/21
| | | | |
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1548 | $ — | $ — |
| C | $ — | $ — | $ — |
| K | $0.2226 | $ — | $ — |
| R | $0.0901 | $ — | $ — |
| Y | $0.2269 | $ — | $ — |
Index Definitions
The Morgan Stanley Capital International (MSCI) World NR† Index is an unmanaged measure of the performance of stock markets in the developed world. The MSCI All Country World NR Index is an unmanaged, free-float-adjusted, market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, and consists of 45 country indices comprising 24 developed and 21 emerging market country indices. 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 either index.
The indices defined here pertain to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–16.
| † | | NR (Net Return), which indicates that the returns for these indices approximate the minimum possible dividend reinvestment. |
Pioneer Global Equity Fund | Annual Report | 8/31/21 11
| Performance Update | 8/31/21 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global Equity Fund at public offering price during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
| | | | | |
| Average Annual Total Returns | |
| (As of August 31, 2021) | | |
| | | | | MSCI |
| | Net | Public | MSCI | All |
| | Asset | Offering | World | Country |
| | Value | Price | NR | World |
| Period | (NAV) | (POP) | Index | NR Index |
| 10 years | 11.48% | 10.82% | 12.14% | 11.27% |
| 5 years | 13.60 | 12.26 | 14.83 | 14.29 |
| 1 year | 35.53 | 27.74 | 29.76 | 28.64 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 1.39% | 1.15% |
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 in effect through January 1, 2022, for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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.
12 Pioneer Global Equity Fund | Annual Report | 8/31/21
| Performance Update | 8/31/21 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global Equity Fund during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | | |
| | | | | MSCI |
| | | | MSCI | All |
| | | | World | Country |
| | If | If | NR | World |
| Period | Held | Redeemed | Index | NR Index |
| 10 years | 10.59% | 10.59% | 12.14% | 11.27% |
| 5 years | 12.72 | 12.72 | 14.83 | 14.29 |
| 1 year | 34.53 | 34.53 | 29.76 | 28.64 |
| Expense Ratio |
| (Per prospectus dated December 31, 2020) |
| Gross |
| 2.10% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Global Equity Fund | Annual Report | 8/31/21 13
| Performance Update | 8/31/21 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Global Equity Fund during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | MSCI |
| | Net | MSCI | All |
| | Asset | World | Country |
| | Value | NR | World |
| Period | (NAV) | Index | NR Index |
| 10 years | 11.82% | 12.14% | 11.27% |
| 5 years | 14.10 | 14.83 | 14.29 |
| 1 year | 36.10 | 29.76 | 28.64 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 0.89% | 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.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 31, 2014, 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 31, 2014, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation in effect through January 1, 2022, 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.
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 Global Equity Fund | Annual Report | 8/31/21
| | |
| Performance Update | 8/31/21 | Class R Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Global Equity Fund during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | MSCI |
| | Net | MSCI | All |
| | Asset | World | Country |
| | Value | NR | World |
| Period | (NAV) | Index | NR Index |
| 10 years | 11.27% | 12.14% | 11.27% |
| 5 years | 13.19 | 14.83 | 14.29 |
| 1 year | 34.98 | 29.76 | 28.64 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 1.67% | 1.55% |
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.
The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, 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 R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2022, for Class R 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 Global Equity Fund | Annual Report | 8/31/21 15
| | |
| Performance Update | 8/31/21 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Global Equity Fund during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
| | | | |
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | MSCI |
| | Net | MSCI | All |
| | Asset | World | Country |
| | Value | NR | World |
| Period | (NAV) | Index | NR Index |
| 10 years | 12.00% | 12.14% | 11.27% |
| 5 years | 14.11 | 14.83 | 14.29 |
| 1 year | 36.10 | 29.76 | 28.64 |
| Expense Ratio | |
| (Per prospectus dated December 31, 2020) |
| Gross | Net |
| 1.01% | 0.70% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2022, for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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.
16 Pioneer Global Equity Fund | Annual Report | 8/31/21
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
| (1) | | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
| (2) | | transaction costs, including sales charges (loads) on purchase payments and redemption fees. |
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 Equity Fund
Based on actual returns from March 1, 2021 through August 31, 2021.
| | | | | | |
| Share Class | A | C | K | R | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | | | |
| Ending Account | $1,137.00 | $1,133.27 | $1,139.39 | $1,134.86 | $1,139.58 |
| Value on 8/31/21 | | | | | |
| Expenses Paid | $6.19 | $10.32 | $3.77 | $8.29 | $3.78 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund's annualized expense ratio of 1.15%, 1.92%, 0.70%, 1.54% and 0.70% 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 184/365 (to reflect the one-half year period). |
Pioneer Global Equity Fund | Annual Report | 8/31/21 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees 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 Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from March 1, 2021 through August 31, 2021.
| | | | | | |
| Share Class | A | C | K | R | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | | | |
| Ending Account | $1,019.41 | $1,015.53 | $1,021.68 | $1,017.44 | $1,021.68 |
| Value on 8/31/21 | | | | | |
| Expenses Paid | $5.85 | $9.75 | $3.57 | $7.83 | $3.57 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund's annualized expense ratio of 1.15%, 1.92%, 0.70%, 1.54% and 0.70% 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 184/365 (to reflect the one-half year period). |
18 Pioneer Global Equity Fund | Annual Report | 8/31/21
Schedule of Investments | 8/31/21
| | | | | |
| Shares | | | | Value |
| | | | | UNAFFILIATED ISSUERS — 95.8% | | | | |
| | | | | COMMON STOCKS — 95.8% of Net Assets | | | | |
| | | | | Aerospace & Defense — 1.6% | | | | |
| | 272,235 | | | Hensoldt AG | | $ | 4,615,404 | |
| | | | | Total Aerospace & Defense | | $ | 4,615,404 | |
| | | | | Air Freight & Logistics — 1.5% | | | | |
| | 22,726 | | | United Parcel Service, Inc., Class B | | $ | 4,445,887 | |
| | | | | Total Air Freight & Logistics | | $ | 4,445,887 | |
| | | | | Automobiles — 1.9% | | | | |
| | 275,780 | | | Stellantis NV | | $ | 5,523,699 | |
| | | | | Total Automobiles | | $ | 5,523,699 | |
| | | | | Banks — 14.8% | | | | |
| | 288,569 | (a) | | ABN AMRO Bank NV (144A) | | $ | 4,015,368 | |
| | 31,742 | | | BNP Paribas S.A. | | | 2,013,532 | |
| | 911,724 | | | Grupo Financiero Banorte S.A.B de CV, Class O | | | 6,019,241 | |
| | 281,200 | | | Itau Unibanco Holding S.A. | | | 1,682,816 | |
| | 219,115 | | | KB Financial Group, Inc. | | | 10,004,023 | |
| | 1,572,100 | | | Mitsubishi UFJ Financial Group, Inc. | | | 8,501,143 | |
| | 1,004,043 | | | Natwest Group Plc | | | 2,944,807 | |
| | 183,810 | | | Wells Fargo & Co. | | | 8,400,117 | |
| | | | | Total Banks | | $ | 43,581,047 | |
| | | | | Beverages — 2.4% | | | | |
| | 96,200 | | | Asahi Group Holdings, Ltd. | | $ | 4,467,776 | |
| | 12,922 | | | Constellation Brands, Inc. | | | 2,728,351 | |
| | | | | Total Beverages | | $ | 7,196,127 | |
| | | | | Biotechnology — 2.2% | | | | |
| | 52,507 | | | AbbVie, Inc. | | $ | 6,341,795 | |
| | | | | Total Biotechnology | | $ | 6,341,795 | |
| | | | | Capital Markets — 2.4% | | | | |
| | 42,579 | | | AllianceBernstein Holding LP, Class Miscella | | $ | 2,229,862 | |
| | 40,590 | | | Euronext NV (144A) | | | 4,709,064 | |
| | | | | Total Capital Markets | | $ | 6,938,926 | |
| | | | | Chemicals — 1.5% | | | | |
| | 4,249 | | | LG Chem, Ltd. | | $ | 2,778,589 | |
| | 48,968 | | | Mosaic Co. | | | 1,575,790 | |
| | | | | Total Chemicals | | $ | 4,354,379 | |
| | | | | Construction Materials — 1.9% | | | | |
| | 104,464 | | | CRH Plc | | $ | 5,559,819 | |
| | | | | Total Construction Materials | | $ | 5,559,819 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 19
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Shares | | | | Value |
| | | | | Diversified Telecommunication Services — 2.5% | | | | |
| | 196,601 | | | Deutsche Telekom AG | | $ | 4,179,357 | |
| | 246,778 | | | Lumen Technologies, Inc. | | | 3,035,370 | |
| | | | | Total Diversified Telecommunication Services | | $ | 7,214,727 | |
| | | | | Electrical Equipment — 3.1% | | | | |
| | 26,580 | | | Eaton Corp. Plc | | $ | 4,475,009 | |
| | 4,013 | (a) | | Generac Holdings, Inc. | | | 1,753,601 | |
| | 217,200 | | | Mitsubishi Electric Corp. | | | 2,963,428 | |
| | | | | Total Electrical Equipment | | $ | 9,192,038 | |
| | | | | Electronic Equipment, Instruments & | | | | |
| | | | | Components — 2.2% | | | | |
| | 17,002 | | | CDW Corp. | | $ | 3,410,771 | |
| | 4,448 | | | Samsung SDI Co., Ltd. | | | 3,031,841 | |
| | | | | Total Electronic Equipment, Instruments & Components | | $ | 6,442,612 | |
| | | | | Financials — 1.3% | | | | |
| | 51,734 | | | Citigroup, Inc. | | $ | 3,720,192 | |
| | | | | Total Financials | | $ | 3,720,192 | |
| | | | | Food & Staples Retailing — 2.6% | | | | |
| | 26,764 | | | Magnit PJSC | | $ | 2,027,291 | |
| | 128,400 | | | Seven & I Holdings Co., Ltd. | | | 5,617,819 | |
| | | | | Total Food & Staples Retailing | | $ | 7,645,110 | |
| | | | | Health Care — 2.5% | | | | |
| | 99,029 | | | Gilead Sciences, Inc. | | $ | 7,207,331 | |
| | | | | Total Health Care | | $ | 7,207,331 | |
| | | | | Health Care Providers & Services — 2.0% | | | | |
| | 15,447 | | | Anthem, Inc. | | $ | 5,794,633 | |
| | | | | Total Health Care Providers & Services | | $ | 5,794,633 | |
| | | | | Hotels, Restaurants & Leisure — 1.1% | | | | |
| | 21,092 | | | Darden Restaurants, Inc. | | $ | 3,177,510 | |
| | | | | Total Hotels, Restaurants & Leisure | | $ | 3,177,510 | |
| | | | | Household Durables — 1.6% | | | | |
| | 44,600 | | | Sony Corp. | | $ | 4,608,974 | |
| | | | | Total Household Durables | | $ | 4,608,974 | |
| | | | | Information Technology — 1.5% | | | | |
| | 74,096 | | | Cisco Systems, Inc. | | $ | 4,373,146 | |
| | | | | Total Information Technology | | $ | 4,373,146 | |
| | | | | Insurance — 3.1% | | | | |
| | 94,334 | | | Hartford Financial Services Group, Inc. | | $ | 6,341,131 | |
| | 29,734 | | | Progressive Corp. | | | 2,864,574 | |
| | | | | Total Insurance | | $ | 9,205,705 | |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | | | |
| Shares | | | | Value |
| | | | | Interactive Media & Services — 6.4% | | | | |
| | 4,103 | (a) | | Alphabet, Inc. | | $ | 11,873,877 | |
| | 10,188 | (a) | | Facebook, Inc. | | | 3,865,123 | |
| | 48,100 | | | Tencent Holdings, Ltd. | | | 2,959,654 | |
| | | | | Total Interactive Media & Services | | $ | 18,698,654 | |
| | | | | Internet & Direct Marketing Retail — 4.0% | | | | |
| | 272,800 | (a) | | Alibaba Group Holding, Ltd. | | $ | 5,711,551 | |
| | 78,607 | | | eBay, Inc. | | | 6,032,301 | |
| | | | | Total Internet & Direct Marketing Retail | | $ | 11,743,852 | |
| | | | | IT Services — 3.5% | | | | |
| | 82,307 | | | Cognizant Technology Solutions Corp. | | $ | 6,280,847 | |
| | 29,051 | | | International Business Machines Corp. | | | 4,077,017 | |
| | | | | Total IT Services | | $ | 10,357,864 | |
| | | | | Materials — 1.9% | | | | |
| | 37,644 | | | International Flavors & Fragrances, Inc. | | $ | 5,703,066 | |
| | | | | Total Materials | | $ | 5,703,066 | |
| | | | | Metals & Mining — 1.4% | | | | |
| | 60,600 | | | First Quantum Minerals Ltd. | | $ | 1,262,940 | |
| | 132,741 | | | Teck Resources, Ltd., Class B | | | 2,993,310 | |
| | | | | Total Metals & Mining | | $ | 4,256,250 | |
| | | | | Oil, Gas & Consumable Fuels — 6.3% | | | | |
| | 309,400 | | | Inpex Corp. | | $ | 2,116,503 | |
| | 72,969 | | | Marathon Petroleum Corp. | | | 4,324,872 | |
| | 258,680 | | | Rosneft Oil Co. PJSC | | | 1,881,784 | |
| | 257,464 | | | Royal Dutch Shell Plc, Class B (A.D.R.) | | | 10,136,358 | |
| | | | | Total Oil, Gas & Consumable Fuels | | $ | 18,459,517 | |
| | | | | Pharmaceuticals — 4.6% | | | | |
| | 35,100 | | | Eisai Co., Ltd. | | $ | 2,898,496 | |
| | 230,286 | | | Pfizer, Inc. | | | 10,609,276 | |
| | | | | Total Pharmaceuticals | | $ | 13,507,772 | |
| | | | | Semiconductors & Semiconductor Equipment — 7.5% | | | | |
| | 54,111 | | | Micron Technology, Inc. | | $ | 3,987,981 | |
| | 31,587 | | | MKS Instruments, Inc. | | | 4,648,975 | |
| | 40,150 | | | QUALCOMM, Inc. | | | 5,889,603 | |
| | 177,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 3,898,284 | |
| | 66,800 | | | Ulvac, Inc. | | | 3,591,354 | |
| | | | | Total Semiconductors & Semiconductor Equipment | | $ | 22,016,197 | |
| | | | | Software — 3.2% | | | | |
| | 21,486 | | | Microsoft Corp. | | $ | 6,486,194 | |
| | 31,934 | | | Oracle Corp. | | | 2,846,277 | |
| | | | | Total Software | | $ | 9,332,471 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 21
Schedule of Investments | 8/31/21 (continued)
| | | | | |
| Shares | | | | Value |
| | | | | Technology Hardware, Storage & Peripherals — 1.3% | | | | |
| | 256,158 | | | Hewlett Packard Enterprise Co. | | $ | 3,960,203 | |
| | | | | Total Technology Hardware, Storage & Peripherals | | $ | 3,960,203 | |
| | | | | Trading Companies & Distributors — 2.0% | | | | |
| | 111,686 | (a) | | AerCap Holdings NV | | $ | 6,023,226 | |
| | | | | Total Trading Companies & Distributors | | $ | 6,023,226 | |
| | | | | TOTAL COMMON STOCKS | | | | |
| | | | | (Cost $226,347,178) | | $ | 281,198,133 | |
| | | | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 95.8% | | | | |
| | | | | (Cost $226,347,178) (b) | | $ | 281,198,133 | |
| | | | | OTHER ASSETS AND LIABILITIES — 4.2% | | $ | 12,302,372 | |
| | | | | NET ASSETS — 100.0% | | $ | 293,500,505 | |
| (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 August 31, 2021, the value of these securities amounted to $8,724,432, or 3.0% of net assets. |
| (A.D.R.) | | American Depositary Receipts. |
| (a) | | Non-income producing security. |
| (b) | | Distribution of investments by country of domicile (excluding temporary cash investments) as a percentage of total investments in securities, is as follows: |
| | |
| United States | 54.2% |
| Japan | 12.4% |
| Netherlands | 8.7% |
| South Korea | 5.6% |
| Ireland | 4.1% |
| Germany | 3.1% |
| China | 3.1% |
| Mexico | 2.2% |
| Canada | 1.5% |
| Russia | 1.4% |
| Taiwan | 1.4% |
| United Kingdom | 1.0% |
| Other (individually less than 1%) | 1.3% |
| | 100.0% |
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.
Purchases and sales of securities (excluding temporary cash investments) for the year ended August 31, 2021, aggregated $229,999,447 and $246,368,147, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the "Adviser") serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended August 31, 2021, the Fund did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/21
At August 31, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $227,094,176 was as follows:
| | |
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $58,582,392 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (4,478,435) |
| Net unrealized appreciation | $54,103,957 |
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 August 31, 2021, in valuing the Fund's investments:
| | | | | | | | | |
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Common Stocks | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | $ | — | | | $ | 4,615,404 | | | $ | — | | | $ | 4,615,404 | |
| Automobiles | | | — | | | | 5,523,699 | | | | — | | | | 5,523,699 | |
| Banks | | | 8,400,117 | | | | 35,180,930 | | | | — | | | | 43,581,047 | |
| Beverages | | | 2,728,351 | | | | 4,467,776 | | | | — | | | | 7,196,127 | |
| Capital Markets | | | 2,229,862 | | | | 4,709,064 | | | | — | | | | 6,938,926 | |
| Chemicals | | | 1,575,790 | | | | 2,778,589 | | | | — | | | | 4,354,379 | |
| Construction Materials | | | — | | | | 5,559,819 | | | | — | | | | 5,559,819 | |
| Diversified Telecommunication | | | | | | | | | | | | | | | | |
| Services | | | 3,035,370 | | | | 4,179,357 | | | | — | | | | 7,214,727 | |
| Electrical Equipment | | | 6,228,610 | | | | 2,963,428 | | | | — | | | | 9,192,038 | |
| Electronic Equipment, | | | | | | | | | | | | | | | | |
| Instruments & Components | | | 3,410,771 | | | | 3,031,841 | | | | — | | | | 6,442,612 | |
| Food & Staples Retailing | | | — | | | | 7,645,110 | | | | — | | | | 7,645,110 | |
| Household Durables | | | — | | | | 4,608,974 | | | | — | | | | 4,608,974 | |
| Interactive Media & Services | | | 15,739,000 | | | | 2,959,654 | | | | — | | | | 18,698,654 | |
| Internet & Direct Marketing | | | | | | | | | | | | | | | | |
| Retail | | | 6,032,301 | | | | 5,711,551 | | | | — | | | | 11,743,852 | |
| Metals & Mining | | | 2,993,310 | | | | 1,262,940 | | | | — | | | | 4,256,250 | |
| Oil, Gas & Consumable Fuels | | | 14,461,230 | | | | 3,998,287 | | | | — | | | | 18,459,517 | |
| Pharmaceuticals | | | 10,609,276 | | | | 2,898,496 | | | | — | | | | 13,507,772 | |
| Semiconductors & | | | | | | | | | | | | | | | | |
| Semiconductor Equipment | | | 14,526,559 | | | | 7,489,638 | | | | — | | | | 22,016,197 | |
| All Other Common Stocks | | | 79,643,029 | | | | — | | | | — | | | | 79,643,029 | |
| Total Investments in Securities | | $ | 171,613,576 | | | $ | 109,584,557 | | | $ | — | | | $ | 281,198,133 | |
During the year ended August 31, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 23
Statement of Assets and Liabilities | 8/31/21
| ASSETS: | | |
| Investments in unaffiliated issuers, at value (cost $226,347,178) | | $ | 281,198,133 | |
| Cash | | | 10,985,331 | |
| Foreign currencies, at value (cost $1,556,010) | | | 1,561,868 | |
| Receivables — | | | | |
| Fund shares sold | | | 138,673 | |
| Dividends | | | 1,006,849 | |
| Due from the Adviser | | | 50,782 | |
| Other assets | | | 20,404 | |
| Total assets | | $ | 294,962,040 | |
| LIABILITIES: | | | | |
| Payables — | | | | |
| Investment securities purchased | | $ | 1,088,862 | |
| Fund shares repurchased | | �� | 135,709 | |
| Distributions | | | 2,239 | |
| Trustees' fees | | | 1,826 | |
| Professional fees | | | 50,449 | |
| Transfer agent fees | | | 64,911 | |
| Due to affiliates | | | 69,188 | |
| Accrued expenses | | | 48,351 | |
| Total liabilities | | $ | 1,461,535 | |
| NET ASSETS: | | | | |
| Paid-in capital | | $ | 200,068,252 | |
| Distributable earnings | | | 93,432,253 | |
| Net assets | | $ | 293,500,505 | |
| NET ASSET VALUE PER SHARE: | | | | |
| No par value (unlimited number of shares authorized) | | | | |
| Class A (based on $170,822,524/8,104,814 shares) | | $ | 21.08 | |
| Class C (based on $10,330,496/502,271 shares) | | $ | 20.57 | |
| Class K (based on $68,962,492/3,268,019 shares) | | $ | 21.10 | |
| Class R (based on $17,520,271/836,170 shares) | | $ | 20.95 | |
| Class Y (based on $25,864,722/1,222,684 shares) | | $ | 21.15 | |
| MAXIMUM OFFERING PRICE PER SHARE: | | | | |
| Class A (based on $21.08 net asset value per share/100%-5.75% | | | | |
| maximum sales charge) | | $ | 22.37 | |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/21
Statement of Operations
FOR THE YEAR ENDED 8/31/21
| INVESTMENT INCOME: | | | | |
| Dividends from unaffiliated issuers (net of foreign taxes | | | | |
| withheld $312,800) | | $ | 7,178,580 | | | | | |
| Interest from unaffiliated issuers | | | 339 | | | | | |
| Total investment income | | | | | | $ | 7,178,919 | |
| EXPENSES: | | | | | | | | |
| Management fees | | $ | 1,698,839 | | | | | |
| Administrative expense | | | 171,943 | | | | | |
| Transfer agent fees | | | | | | | | |
| Class A | | | 256,601 | | | | | |
| Class C | | | 16,055 | | | | | |
| Class K | | | 98 | | | | | |
| Class R | | | 48,315 | | | | | |
| Class Y | | | 20,287 | | | | | |
| Distribution fees | | | | | | | | |
| Class A | | | 387,579 | | | | | |
| Class C | | | 101,058 | | | | | |
| Class R | | | 79,097 | | | | | |
| Shareowner communications expense | | | 105,699 | | | | | |
| Custodian fees | | | 70,909 | | | | | |
| Registration fees | | | 109,062 | | | | | |
| Professional fees | | | 65,907 | | | | | |
| Printing expense | | | 33,662 | | | | | |
| Pricing fees | | | 10,333 | | | | | |
| Trustees' fees | | | 8,429 | | | | | |
| Insurance expense | | | 378 | | | | | |
| Miscellaneous | | | 31,201 | | | | | |
| Total expenses | | | | | | $ | 3,215,452 | |
| Less fees waived and expenses reimbursed by the Adviser | | | | | | | (432,724 | ) |
| Net expenses | | | | | | $ | 2,782,728 | |
| Net investment income | | | | | | $ | 4,396,191 | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 56,968,208 | | | | | |
| Forward foreign currency exchange contracts | | | (152,556 | ) | | | | |
| Other assets and liabilities denominated in foreign currencies | | | (144,766 | ) | | $ | 56,670,886 | |
| Change in net unrealized appreciation (depreciation) on: | | | | | | | | |
| Investments in unaffiliated issuers | | $ | 16,782,463 | | | | | |
| Forward foreign currency exchange contracts | | | 152,556 | | | | | |
| Other assets and liabilities denominated in foreign currencies | | | (9,536 | ) | | $ | 16,925,483 | |
| Net realized and unrealized gain (loss) on investments | | | | | | $ | 73,596,369 | |
| Net increase in net assets resulting from operations | | | | | | $ | 77,992,560 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 25
Statements of Changes in Net Assets
| | | Year | | Year |
| | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 |
| FROM OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 4,396,191 | | | $ | 2,453,673 | |
| Net realized gain (loss) on investments | | | 56,670,886 | | | | 980,277 | |
| Change in net unrealized appreciation (depreciation) | | | | | | | | |
| on investments | | | 16,925,483 | | | | 30,579,661 | |
| Net increase in net assets resulting | | | | | | | | |
| from operations | | $ | 77,992,560 | | | $ | 34,013,611 | |
| DISTRIBUTIONS TO SHAREOWNERS: | | | | | | | | |
| Class A ($0.15 and $0.14 per share, respectively) | | $ | (1,297,377 | ) | | $ | (1,320,406 | ) |
| Class K ($0.22 and $0.21 per share, respectively) | | | (759,329 | ) | | | (717,116 | ) |
| Class R ($0.09 and $0.07 per share, respectively) | | | (74,996 | ) | | | (79,764 | ) |
| Class Y ($0.23 and $0.22 per share, respectively) | | | (197,723 | ) | | | (216,766 | ) |
| Total distributions to shareowners | | $ | (2,329,425 | ) | | $ | (2,334,052 | ) |
| FROM FUND SHARE TRANSACTIONS: | | | | | | | | |
| Net proceeds from sales of shares | | $ | 25,711,397 | | | $ | 15,662,134 | |
| Reinvestment of distributions | | | 2,251,056 | | | | 2,253,177 | |
| Cost of shares repurchased | | | (37,609,554 | ) | | | (41,107,889 | ) |
| Net decrease in net assets resulting from Fund | | | | | | | | |
| share transactions | | $ | (9,647,101 | ) | | $ | (23,192,578 | ) |
| Net increase in net assets | | $ | 66,016,034 | | | $ | 8,486,981 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 227,484,471 | | | $ | 218,997,490 | |
| End of year | | $ | 293,500,505 | | | $ | 227,484,471 | |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | | | | | | | |
| | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/21 | | 8/31/20 | | 8/31/20 |
| | | Shares | | Amount | | Shares | | Amount |
| Class A | | | | | | | | | | | | | | | | |
| Shares sold | | | 507,267 | | | $ | 9,478,129 | | | | 485,808 | | | $ | 6,875,088 | |
| Reinvestment of distributions | | | 71,731 | | | | 1,264,653 | | | | 84,364 | | | | 1,287,390 | |
| Less shares repurchased | | | (1,091,102 | ) | | | (19,937,408 | ) | | | (1,599,722 | ) | | | (22,568,993 | ) |
| Net decrease | | | (512,104 | ) | | $ | (9,194,626 | ) | | | (1,029,550 | ) | | $ | (14,406,515 | ) |
| Class C | | | | | | | | | | | | | | | | |
| Shares sold | | | 85,866 | | | $ | 1,567,182 | | | | 85,794 | | | $ | 1,190,523 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Less shares repurchased | | | (235,518 | ) | | | (4,184,161 | ) | | | (338,294 | ) | | | (4,676,495 | ) |
| Net decrease | | | (149,652 | ) | | $ | (2,616,979 | ) | | | (252,500 | ) | | $ | (3,485,972 | ) |
| Class K | | | | | | | | | | | | | | | | |
| Shares sold | | | 46,376 | | | $ | 949,283 | | | | 230,598 | | | $ | 3,356,288 | |
| Reinvestment of distributions | | | 43,157 | | | | 759,133 | | | | 47,107 | | | | 716,965 | |
| Less shares repurchased | | | (250,916 | ) | | | (4,982,742 | ) | | | (78,845 | ) | | | (1,095,392 | ) |
| Net increase (decrease) | | | (161,383 | ) | | $ | (3,274,326 | ) | | | 198,860 | | | $ | 2,977,861 | |
| Class R | | | | | | | | | | | | | | | | |
| Shares sold | | | 161,402 | | | $ | 3,095,562 | | | | 129,808 | | | $ | 1,798,714 | |
| Reinvestment of distributions | | | 4,268 | | | | 74,993 | | | | 5,131 | | | | 77,983 | |
| Less shares repurchased | | | (232,886 | ) | | | (4,273,668 | ) | | | (397,831 | ) | | | (5,522,574 | ) |
| Net decrease | | | (67,216 | ) | | $ | (1,103,113 | ) | | | (262,892 | ) | | $ | (3,645,877 | ) |
| Class Y | | | | | | | | | | | | | | | | |
| Shares sold | | | 525,121 | | | $ | 10,621,241 | | | | 173,878 | | | $ | 2,441,521 | |
| Reinvestment of distributions | | | 8,632 | | | | 152,277 | | | | 11,195 | | | | 170,839 | |
| Less shares repurchased | | | (227,567 | ) | | | (4,231,575 | ) | | | (500,751 | ) | | | (7,244,435 | ) |
| Net increase (decrease) | | | 306,186 | | | $ | 6,541,943 | | | | (315,678 | ) | | $ | (4,632,075 | ) |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 27
Financial Highlights
| | | Year | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 | | 8/31/19 | | 8/31/18 | | 8/31/17 |
| Class A | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 15.69 | | | $ | 13.56 | | | $ | 16.26 | | | $ | 15.77 | | | $ | 13.43 | |
| Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.30 | | | $ | 0.15 | | | $ | 0.23 | | | $ | 0.16 | | | $ | 0.11 | |
| Net realized and unrealized gain (loss) on investments | | | 5.24 | | | | 2.12 | | | | (1.63 | ) | | | 1.38 | | | | 2.40 | |
| Net increase (decrease) from investment operations | | $ | 5.54 | | | $ | 2.27 | | | $ | (1.40 | ) | | $ | 1.54 | | | $ | 2.51 | |
| Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.15 | ) | | $ | (0.14 | ) | | $ | (0.08 | ) | | $ | (0.21 | ) | | $ | (0.17 | ) |
| Net realized gain | | | — | | | | — | | | | (1.22 | ) | | | (0.84 | ) | | | — | |
| Total distributions | | $ | (0.15 | ) | | $ | (0.14 | ) | | $ | (1.30 | ) | | $ | (1.05 | ) | | $ | (0.17 | ) |
| Net increase (decrease) in net asset value | | $ | 5.39 | | | $ | 2.13 | | | $ | (2.70 | ) | | $ | 0.49 | | | $ | 2.34 | |
| Net asset value, end of period | | $ | 21.08 | | | $ | 15.69 | | | $ | 13.56 | | | $ | 16.26 | | | $ | 15.77 | |
| Total return (b) | | | 35.53 | % | | | 16.78 | % | | | (8.62 | )%(c) | | | 10.01 | % | | | 18.89 | % |
| Ratio of net expenses to average net assets | | | 1.15 | % | | | 1.15 | % | | | 1.16 | % | | | 1.24 | % | | | 1.27 | % |
| Ratio of net investment income (loss) to average net assets | | | 1.60 | % | | | 1.05 | % | | | 1.64 | % | | | 0.99 | % | | | 0.79 | % |
| Portfolio turnover rate | | | 91 | % | | | 112 | % | | | 87 | % | | | 98 | % | | | 85 | % |
| Net assets, end of period (in thousands) | | $ | 170,823 | | | $ | 135,175 | | | $ | 130,777 | | | | 157,633 | | | $ | 78,417 | |
| 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 | | | 1.32 | % | | | 1.39 | % | | | 1.36 | % | | | 1.40 | % | | | 1.46 | % |
| Net investment income (loss) to average net assets | | | 1.43 | % | | | 0.81 | % | | | 1.44 | % | | | 0.83 | % | | | 0.60 | % |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
| (c) | | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.69)% . |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | Year | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 | | 8/31/19 | | 8/31/18 | | 8/31/17 |
| Class C | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 15.29 | | | $ | 13.20 | | | $ | 15.88 | | | $ | 15.42 | | | $ | 13.13 | |
| Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.14 | | | $ | 0.04 | | | $ | 0.12 | | | $ | 0.04 | | | $ | 0.01 | |
| Net realized and unrealized gain (loss) on investments | | | 5.14 | | | | 2.05 | | | | (1.58 | ) | | | 1.34 | | | | 2.34 | |
| Net increase (decrease) from investment operations | | $ | 5.28 | | | $ | 2.09 | | | $ | (1.46 | ) | | $ | 1.38 | | | $ | 2.35 | |
| Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | — | | | $ | — | | | $ | — | | | $ | (0.08 | ) | | $ | (0.06 | ) |
| Net realized gain | | | — | | | | — | | | | (1.22 | ) | | | (0.84 | ) | | | — | |
| Total distributions | | $ | — | | | $ | — | | | $ | (1.22 | ) | | $ | (0.92 | ) | | $ | (0.06 | ) |
| Net increase (decrease) in net asset value | | $ | 5.28 | | | $ | 2.09 | | | $ | (2.68 | ) | | $ | 0.46 | | | $ | 2.29 | |
| Net asset value, end of period | | $ | 20.57 | | | $ | 15.29 | | | $ | 13.20 | | | $ | 15.88 | | | $ | 15.42 | |
| Total return (b) | | | 34.53 | % | | | 15.83 | % | | | (9.34 | )%(c) | | | 9.15 | % | | | 18.00 | % |
| Ratio of net expenses to average net assets | | | 1.92 | % | | | 1.91 | % | | | 1.92 | % | | | 1.97 | % | | | 2.00 | % |
| Ratio of net investment income (loss) to average net assets | | | 0.79 | % | | | 0.28 | % | | | 0.85 | % | | | 0.28 | % | | | 0.07 | % |
| Portfolio turnover rate | | | 91 | % | | | 112 | % | | | 87 | % | | | 98 | % | | | 85 | % |
| Net assets, end of period (in thousands) | | $ | 10,330 | | | $ | 9,970 | | | $ | 11,938 | | | $ | 26,444 | | | $ | 12,056 | |
| 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 | | | 2.06 | % | | | 2.10 | % | | | 2.06 | % | | | 2.13 | % | | | 2.19 | % |
| Net investment income (loss) to average net assets | | | 0.65 | % | | | 0.09 | % | | | 0.71 | % | | | 0.12 | % | | | (0.12 | )% |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
| (c) | | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (9.41)% . |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 29
Financial Highlights (continued)
| | | | | | | | | | | |
| | | Year | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 | | 8/31/19 | | 8/31/18 | | 8/31/17 |
| Class K | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 15.70 | | | $ | 13.56 | | | $ | 16.28 | | | $ | 15.81 | | | $ | 13.47 | |
| Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.38 | | | $ | 0.21 | | | $ | 0.29 | | | $ | 0.22 | | | $ | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | 5.24 | | | | 2.14 | | | | (1.64 | ) | | | 1.39 | | | | 2.40 | |
| Net increase (decrease) from investment operations | | $ | 5.62 | | | $ | 2.35 | | | $ | (1.35 | ) | | $ | 1.61 | | | $ | 2.58 | |
| Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.22 | ) | | $ | (0.21 | ) | | $ | (0.15 | ) | | $ | (0.30 | ) | | $ | (0.24 | ) |
| Net realized gain | | | — | | | | — | | | | (1.22 | ) | | | (0.84 | ) | | | — | |
| Total distributions | | $ | (0.22 | ) | | $ | (0.21 | ) | | $ | (1.37 | ) | | $ | (1.14 | ) | | $ | (0.24 | ) |
| Net increase (decrease) in net asset value | | $ | 5.40 | | | $ | 2.14 | | | $ | (2.72 | ) | | $ | 0.47 | | | $ | 2.34 | |
| Net asset value, end of period | | $ | 21.10 | | | $ | 15.70 | | | $ | 13.56 | | | $ | 16.28 | | | $ | 15.81 | |
| Total return (b) | | | 36.10 | % | | | 17.36 | % | | | (8.24 | )%(c) | | | 10.47 | % | | | 19.44 | % |
| Ratio of net expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.71 | % | | | 0.80 | % | | | 0.79 | % |
| Ratio of net investment income (loss) to average net assets | | | 2.05 | % | | | 1.50 | % | | | 2.09 | % | | | 1.35 | % | | | 1.26 | % |
| Portfolio turnover rate | | | 91 | % | | | 112 | % | | | 87 | % | | | 98 | % | | | 85 | % |
| Net assets, end of period (in thousands) | | $ | 68,962 | | | $ | 53,826 | | | $ | 43,813 | | | $ | 55,602 | | | $ | 56,693 | |
| 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 | | | 0.84 | % | | | 0.89 | % | | | 0.85 | % | | | 0.96 | % | | | 0.98 | % |
| Net investment income (loss) to average net assets | | | 1.91 | % | | | 1.31 | % | | | 1.95 | % | | | 1.19 | % | | | 1.07 | % |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
| (c) | | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.31)% . |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | | | | | | | | | |
| | | Year | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 | | 8/31/19 | | 8/31/18 | | 8/31/17 |
| Class R | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 15.60 | | | $ | 13.47 | | | $ | 16.15 | | | $ | 15.65 | | | $ | 13.36 | |
| Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.22 | | | $ | 0.10 | | | $ | 0.17 | | | $ | 0.09 | | | $ | 0.08 | |
| Net realized and unrealized gain (loss) on investments | | | 5.22 | | | | 2.10 | | | | (1.60 | ) | | | 1.39 | | | | 2.36 | |
| Net increase (decrease) from investment operations | | $ | 5.44 | | | $ | 2.20 | | | $ | (1.43 | ) | | $ | 1.48 | | | $ | 2.44 | |
| Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.09 | ) | | $ | (0.07 | ) | | $ | (0.03 | ) | | $ | (0.14 | ) | | $ | (0.15 | ) |
| Net realized gain | | | — | | | | — | | | | (1.22 | ) | | | (0.84 | ) | | | — | |
| Total distributions | | $ | (0.09 | ) | | $ | (0.07 | ) | | $ | (1.25 | ) | | $ | (0.98 | ) | | $ | (0.15 | ) |
| Net increase (decrease) in net asset value | | $ | 5.35 | | | $ | 2.13 | | | $ | (2.68 | ) | | $ | 0.50 | | | $ | 2.29 | |
| Net asset value, end of period | | $ | 20.95 | | | $ | 15.60 | | | $ | 13.47 | | | $ | 16.15 | | | $ | 15.65 | |
| Total return (b) | | | 34.98 | % | | | 16.38 | % | | | (8.98 | )%(c) | | | 9.68 | % | | | 18.47 | % |
| Ratio of net expenses to average net assets | | | 1.54 | % | | | 1.49 | % | | | 1.55 | % | | | 1.55 | % | | | 1.55 | % |
| Ratio of net investment income (loss) to average net assets | | | 1.20 | % | | | 0.71 | % | | | 1.24 | % | | | 0.58 | % | | | 0.54 | % |
| Portfolio turnover rate | | | 91 | % | | | 112 | % | | | 87 | % | | | 98 | % | | | 85 | % |
| Net assets, end of period (in thousands) | | $ | 17,520 | | | $ | 14,090 | | | $ | 15,706 | | | $ | 20,733 | | | $ | 17,587 | |
| 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 | | | 1.68 | % | | | 1.67 | % | | | 1.73 | % | | | 1.75 | % | | | 1.75 | % |
| Net investment income (loss) to average net assets | | | 1.06 | % | | | 0.53 | % | | | 1.06 | % | | | 0.38 | % | | | 0.34 | % |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
| (c) | | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (9.04)% . |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/21 31
Financial Highlights (continued)
| | | | | | | | | | | |
| | | Year | | Year | | Year | | Year | | Year |
| | | Ended | | Ended | | Ended | | Ended | | Ended |
| | | 8/31/21 | | 8/31/20 | | 8/31/19 | | 8/31/18 | | 8/31/17 |
| Class Y | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 15.74 | | | $ | 13.61 | | | $ | 16.33 | | | $ | 15.83 | | | $ | 13.50 | |
| Increase (decrease) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | $ | 0.39 | | | $ | 0.21 | | | $ | 0.29 | | | $ | 0.22 | | | $ | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | 5.25 | | | | 2.14 | | | | (1.63 | ) | | | 1.39 | | | | 2.40 | |
| Net increase (decrease) from investment operations | | $ | 5.64 | | | $ | 2.35 | | | $ | (1.34 | ) | | $ | 1.61 | | | $ | 2.58 | |
| Distributions to shareowners: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | (0.23 | ) | | $ | (0.22 | ) | | $ | (0.16 | ) | | $ | (0.27 | ) | | $ | (0.25 | ) |
| Net realized gain | | | — | | | | — | | | | (1.22 | ) | | | (0.84 | ) | | | — | |
| Total distributions | | $ | (0.23 | ) | | $ | (0.22 | ) | | $ | (1.38 | ) | | $ | (1.11 | ) | | $ | (0.25 | ) |
| Net increase (decrease) in net asset value | | $ | 5.41 | | | $ | 2.13 | | | $ | (2.72 | ) | | $ | 0.50 | | | $ | 2.33 | |
| Net asset value, end of period | | $ | 21.15 | | | $ | 15.74 | | | $ | 13.61 | | | $ | 16.33 | | | $ | 15.83 | |
| Total return (b) | | | 36.10 | % | | | 17.29 | % | | | (8.19 | )%(c) | | | 10.50 | % | | | 19.45 | % |
| Ratio of net expenses to average net assets | | | 0.70 | % | | | 0.70 | % | | | 0.72 | % | | | 0.80 | % | | | 0.80 | % |
| Ratio of net investment income (loss) to average net assets | | | 2.06 | % | | | 1.50 | % | | | 2.06 | % | | | 1.36 | % | | | 1.22 | % |
| Portfolio turnover rate | | | 91 | % | | | 112 | % | | | 87 | % | | | 98 | % | | | 85 | % |
| Net assets, end of period (in thousands) | | $ | 25,865 | | | $ | 14,424 | | | $ | 16,765 | | | $ | 26,007 | | | $ | 12,947 | |
| 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 | | | 0.97 | % | | | 1.01 | % | | | 0.98 | % | | | 1.07 | % | | | 1.10 | % |
| Net investment income (loss) to average net assets | | | 1.79 | % | | | 1.19 | % | | | 1.80 | % | | | 1.09 | % | | | 0.92 | % |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
| (c) | | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.25)% . |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Annual Report | 8/31/21
Notes to Financial Statements | 8/31/21
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund (the “Fund”) is one of three portfolios comprising Pioneer Series Trust V (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 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 and Class Y shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended August 31, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to
Pioneer Global Equity Fund | Annual Report | 8/31/21 33
transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
34 Pioneer Global Equity Fund | Annual Report | 8/31/21
The principal exchanges and markets for non-U.S. equity securities have closing times prior to the close of the NYSE. However, the value of these securities may be influenced by changes in global markets occurring after the closing times of the local exchanges and markets up to the time the Fund determines its net asset value. Consequently, the Fund uses a fair value model developed by an independent pricing service to value non-U.S. equity securities. On a daily basis, the pricing service recommends changes, based on a proprietary model, to the closing market prices of each non-U.S.security held by the Fund to reflect the security’s fair value at the time the Fund determines its net asset value. The Fund applies these recommendations in accordance with procedures approved by the Board of Trustees.
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.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
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.
Pioneer Global Equity Fund | Annual Report | 8/31/21 35
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 August 31, 2021, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of
36 Pioneer Global Equity Fund | Annual Report | 8/31/21
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 August 31, 2021, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
In addition to the requirements of the Internal Revenue Code, the Fund may also be required to pay local taxes on the recognition of capital gains and/or the repatriation of foreign currencies in certain countries.
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.
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 August 31, 2021, the Fund reclassified $22,074 to increase distributable earnings and $22,074 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At August 31, 2021, the Fund was permitted to carry forward indefinitely $2,149,339 of long-term losses.
Pioneer Global Equity Fund | Annual Report | 8/31/21 37
During the year ended August 31, 2021, a capital loss carryforward of $18,941,965 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the years ended August 31, 2021 and August 31, 2020, were as follows:
| | 2021 | 2020 |
| Distributions paid from: | | |
| Ordinary income | $2,329,425 | $2,334,052 |
| Total | $2,329,425 | $2,334,052 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at August 31, 2021:
| | 2021 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 7,002,093 |
| Undistributed long term capital gain | 34,470,615 |
| Capital loss carryforward limited | (2,149,339) |
| Dividends payable | (2,239) |
| Net unrealized appreciation | 54,111,123 |
| Total | $93,432,253 |
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, the mark to market of forward currency, and tax basis adjustments on partnerships.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $10,886 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2021.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, 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).
38 Pioneer Global Equity Fund | Annual Report | 8/31/21
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control.
Pioneer Global Equity Fund | Annual Report | 8/31/21 39
Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The global pandemic of the coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
40 Pioneer Global Equity Fund | Annual Report | 8/31/21
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 (see Note 7).
During the year ended August 31, 2021, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
The average market value of forward foreign currency exchange contracts open during the year ended August 31, 2021, was $0. There were no open forward foreign currency exchange contracts at August 31, 2021.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.65% of the Fund’s average daily net assets up to $1 billion and 0.60% of the Fund’s average daily net assets over $1 billion. For the year ended August 31, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% 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 1.15%, 2.15%, 0.70%, 1.55% and 0.70% of the average daily net assets attributable to Class A, Class C, Class K, Class R and Class Y shares, respectively. These expense limitations are in effect through January 1, 2022. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended August 31, 2021 are reflected on the Statement of Operations.
Pioneer Global Equity Fund | Annual Report | 8/31/21 41
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 $60,706 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended August 31, 2021, the Fund paid $8,429 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At August 31, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $1,826.
4. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2021, such out-of-pocket expenses by class of shares were as follows:
| | |
| Shareowner Communications: | |
| Class A | $ 91,616 |
| Class C | 6,462 |
| Class K | 60 |
| Class R | 5,160 |
| Class Y | 2,401 |
| Total | $105,699 |
5. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A
42 Pioneer Global Equity Fund | Annual Report | 8/31/21
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 $8,482 in distribution fees payable to the Distributor at August 31, 2021.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2021, CDSCs in the amount of $1,190 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 3, 2021, the Fund participates in a facility in the amount of $450 million. Prior to February 3, 2021, the Fund participated in a facility in the amount of $300 million. Under such facility, depending on the type of
Pioneer Global Equity Fund | Annual Report | 8/31/21 43
loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended August 31, 2021, the Fund had no borrowings under the credit facility.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
44 Pioneer Global Equity Fund | Annual Report | 8/31/21
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at August 31, 2021, was as follows:
| | | | | | |
| | | | Foreign | | |
| Statement of | Interest | Credit | Exchange | Equity | Commodity |
| Operations | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Net realized gain | | | | | |
| (loss) on: | | | | | |
| Forwards foreign | | | | | |
| currency exchange | | | | | |
| contracts | $ — | $ — | $(152,556) | $ — | $ — |
| Total Value | $ — | $ — | $(152,556) | $ — | $ — |
| Change in net | | | | | |
| unrealized | | | | | |
| appreciation | | | | | |
| (depreciation) on: | | | | | |
| Forward foreign | | | | | |
| currency exchange | | | | | |
| contracts | $ — | $ — | $ 152,556 | $ — | $ — |
| Total Value | $ — | $ — | $ 152,556 | $ — | $ — |
Pioneer Global Equity Fund | Annual Report | 8/31/21 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V and the Shareowners of Pioneer Global Equity Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust V (the “Trust”)), including the schedule of investments, as of August 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Equity Fund (one of the funds constituting Pioneer Series Trust V) at August 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
46 Pioneer Global Equity Fund | Annual Report | 8/31/21
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 1, 2021
Pioneer Global Equity Fund | Annual Report | 8/31/21 47
ADDITIONAL INFORMATION (unaudited)
For the year ended August 31, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2021 form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 66.45%.
48 Pioneer Global Equity Fund | Annual Report | 8/31/21
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements
Pioneer Global Equity Fund | Annual Report | 8/31/21 49
and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
50 Pioneer Global Equity Fund | Annual Report | 8/31/21
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Global Equity Fund | Annual Report | 8/31/21 51
Independent Trustees
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Thomas J. Perna (70) | Trustee since 2006. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (64) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) (2012-2018); | |
| | trustee is elected or | Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice | |
| | earlier retirement | President Head of Product, BNY Mellon Investment Management (2007-2012); | |
| | or removal. | Executive Director- Product Strategy, Mellon Asset Management (2005-2007); | |
| | | Executive Vice President Head of Products, Marketing and Client Service, | |
| | | Dreyfus Corporation (investment management firm) (2000-2005); and Senior | |
| | | Vice President Strategic Product and Business Development, Dreyfus | |
| | | Corporation (1994-2000) | |
52 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Benjamin M. Friedman (77) | Trustee since 2008. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master Portfolio |
| | earlier retirement | | (oversaw 17 portfolios in fund |
| | or removal. | | complex) (1989 - 2008) |
| Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – |
| | earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, |
| | or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); |
| | | Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board Co- |
| | | | Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
Pioneer Global Equity Fund | Annual Report | 8/31/21 53
Independent Trustees (continued)
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Lorraine H. Monchak (65) | Trustee since 2017. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) (1993 – 2001); | |
| | until a successor trustee | Vice President – Corporate Finance and Treasury Group, Citibank, N.A. | |
| | is elected or earlier | (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management | |
| | retirement or removal. | Group, Federal Farm Funding Corporation (government-sponsored issuer of | |
| | | debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman | |
| | | Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies | |
| | | Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (73) | Trustee since 2005. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
| | earlier retirement | Executive trustee is elected or Officer, Metric Financial Inc. (formerly known | investment company) (2004 – |
| | or removal. | as Newbury Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
| Fred J. Ricciardi (74) | Trustee since 2014. | Private investor (2020 – present); Consultant (investment company services) | None |
| Trustee | Serves until a successor | (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment | |
| | trustee is elected or | company services) (1969 – 2012); Director, BNY International Financing Corp. | |
| | earlier retirement | (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. | |
| | or removal. | (financial services) (2009 – 2012); Director, Financial Models (technology) | |
| | | (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment | |
| | | companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, | |
| | | Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative | |
| | | Investment Services, Inc. (financial services) (2005-2007) |
| |
54 Pioneer Global Equity Fund | Annual Report | 8/31/21
Interested Trustees
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Lisa M. Jones (59)* | Trustee since 2017. | Director, CEO and President of Amundi US, Inc. (investment management | None |
| Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi Asset | |
| Chief Executive Officer | trustee is elected or | Management US, Inc. (since September 2014); Director, CEO and President of | |
| | earlier retirement | Amundi Distributor US, Inc. (since September 2014); Director, CEO and | |
| | or removal | President of Amundi Asset Management US, Inc. (since September 2014); | |
| | | Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset | |
| | | Management US, Inc. (September 2014 – 2018); Managing Director, Morgan | |
| | | Stanley Investment Management (investment management firm) (2010 – | |
| | | 2013); Director of Institutional Business, CEO of International, Eaton Vance | |
| | | Management (investment management firm) (2005 – 2010); and Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
| Kenneth J. Taubes (63)* | Trustee since 2014. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); | |
| | trustee is elected or | Director and Executive Vice President and Chief Investment Officer, U.S. of | |
| | earlier retirement | Amundi US (since 2008); Executive Vice President and Chief Investment | |
| | or removal | Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio | |
| | | Manager of Amundi US (since 1999); and Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| * | | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
Pioneer Global Equity Fund | Annual Report | 8/31/21 55
Fund Officers
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Christopher J. Kelley (56) | Since 2005. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of the | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; and Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (58) | Since 2010. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of the | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
| | Board | Amundi US from June 2007 to May 2013 | |
| Anthony J. Koenig, Jr. (57) | Since 2021. Serves at | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of the | None |
| Treasurer and Chief Financial | the discretion of the | Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
| and Accounting Officer | Board | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (56) | Since 2005. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
| Assistant Treasurer | the discretion of the | of all of the Pioneer Funds since 1999 | |
| | Board | | |
| Gary Sullivan (63) | Since 2005. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2002 | |
| | Board | | |
| Antonio Furtado (39) | Since 2020. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury | |
| | Board | Analyst from 2012 - 2020 | |
56 Pioneer Global Equity Fund | Annual Report | 8/31/21
| | | | Other Directorships |
| | | | Held by Trustee |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | During At Least |
| Held With the Fund | Length of Service | The Past Five Years | The Past Five Years |
| Michael Melnick (50) | Since July 2021. Serves | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | at the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
| | the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of | |
| | | Amundi US from 2000 - 2001 | |
| John Malone (50) | Since 2018. Serves | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | at the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer Funds | |
| | the Board | since September 2018; and Chief Compliance Officer of Amundi Distributor | |
| | | US, Inc. since January 2014. | |
| Kelly O’Donnell (50) | Since 2006. Serves | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
| Anti-Money Laundering | at the discretion of | Officer of all the Pioneer Funds since 2006 | |
| Officer | the Board | | |
Pioneer Global Equity Fund | Annual Report | 8/31/21 57
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58 Pioneer Global Equity Fund | Annual Report | 8/31/21
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Pioneer Global Equity Fund | Annual Report | 8/31/21 59
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60 Pioneer Global Equity Fund | Annual Report | 8/31/21
How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
| | |
| Call us for: | |
| Account Information, including existing accounts, | |
| new accounts, prospectuses, applications | |
| and service forms | 1-800-225-6292 |
| FactFoneSM for automated fund yields, prices, | |
| account information and transactions | 1-800-225-4321 |
| Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.com/us | |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 19431-15-1021
Pioneer High Income Municipal Fund
Annual Report | August 31, 2021
Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundi.com/us
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 1
Table of Contents
President’s Letter
Dear Shareholders,
The past year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines.
In the US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues, rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System (Fed), partisan debates over spending packages in Washington (particularly infrastructure spending), and the possibility of major tax-policy changes, are among the many factors that have led to greater uncertainty and an increase in market volatility.
Despite those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
October 2021
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 3
Portfolio Management Discussion | 8/31/21
In the following interview, Jonathan Chirunga and David Eurkus discuss the factors that influenced the performance of Pioneer High Income Municipal Fund* during the 12-month period ended August 31, 2021. Mr. Chirunga, Managing Director, Director of High-Yield Municipals, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund, along with Mr. Eurkus, Managing Director, Director of Municipals, and a portfolio manager at Amundi US.
| Q | | How did the Fund perform during the 12-month period ended August 31, 2021? |
| A | | Pioneer High Income Municipal Fund’s Class A shares returned 8.36% at net asset value during the 12-month period ended August 31, 2021, while the Fund’s benchmark, the Bloomberg US Municipal High Yield Bond Index (the Bloomberg Index), returned 12.17%. During the same period, the average return of the 199 mutual funds in Morningstar’s High-Yield Municipal Funds category was 9.23%. |
| Q | | How would you describe the investment environment in the municipal bond market during the 12-month period ended August 31, 2021? |
| A | | The backdrop for municipal bonds was largely favorable over the 12-month period, with healthy supply-and-demand trends helping to drive positive returns. On the demand side, inflows into the municipal asset class continued to hit record levels, as demand came not only from traditional municipal investors, but also from non-traditional buyers and foreign purchasers seeking the relative safety of municipal bonds (compared with other investment options), lower default rates, and attractive tax-equivalent yields versus taxable investments. High-yield municipals attracted particularly strong interest during a time that saw investors demonstrate a hearty appetite for both higher risk and higher yields. With respect to supply, the effects of the 2017 US tax-overhaul legislation have continued to limit new issuance within the tax-exempt market, thus driving down the overall supply of municipal bonds. Together, those factors helped municipals deliver solid performance over the past 12 months, even though US Treasury yields rose. (Bond prices and yields typically move in opposite directions). |
| * | | The Fund does not invest directly in securities but instead invests all of its investable assets in an underlying mutual fund, Pioneer High Income Municipal Portfolio (the “Portfolio”), which has the same investment objective and policies as the Fund. Unless otherwise indicated, references to the Fund include the Portfolio. |
4 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
An ongoing improvement in credit-market conditions provided further support for tax-exempt debt during the period. Like most areas of the financial markets, municipal bonds came under significant stress in early 2020 with the onset of the COVID-19 pandemic and the lockdowns designed to mitigate the spread of the virus. To combat the economic impact of COVID-19, the US Federal Reserve (Fed) reduced the target range of the benchmark federal funds rate to near zero and enacted a quantitative easing (QE), or bond-purchase program. Although investors began to anticipate the “tapering” of QE as the summer of 2021 progressed, the Fed’s aggressive policies remained in place throughout the full 12-month period. In addition, US lawmakers approved two large fiscal aid packages in the spring and summer of 2020, followed by another $1.9 trillion in stimulus in early 2021. Those measures helped stabilize the economy and – most important for investors in municipal bonds –provided relief to state and local governments.
| Q | | What factors affected the Fund’s performance relative to the Bloomberg Index during the 12-month period ended August 31, 2021? |
| A | | The Fund’s performance lagged that of its benchmark during the 12-month period, with the majority of the shortfall occurring in the first half of the period (September 2020 through February 2021). During those first six months of the period, and prior, we had adopted a conservative positioning in the portfolio in response to the unusual environment and elevated risks associated with the onset of the COVID-19 pandemic. As the market rebounded and cash flooded back into the municipal market in mid- to late-2020, the Fund’s positioning detracted from benchmark-relative performance, given that lower-quality securities had fared best during the rally. We decided not to chase short-term returns by moving the Fund’s holdings down in quality, reflecting our view that the price action in the market was largely a result of supply-and-demand trends rather than underlying credit fundamentals. In fact, many of the market’s top-performing issues during that timeframe were bonds that typically have not generated enough income to support their yields. We chose to remain selective with regard to the Fund’s investments, with a continued focus on longer-term results, due to our belief that those types of lower-quality securities could begin to lag if investment conditions become less favorable and demand starts to ebb. |
A portfolio underweight to bonds issued by the Commonwealth of Puerto Rico was another key detractor from benchmark-relative performance. Puerto Rico’s debt, which performed well over the period, constituted
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 5
over 13% of the benchmark Bloomberg Index as of August 31, 2021, while the Fund’s weighting in Puerto Rico bonds was less than 5%. The underweight was a function of our continued selectivity with regard to bonds that have been restructured in federal courts, or that could face restructuring in the future.
On the positive side, the Fund’s relative returns benefited from an overweight allocation to the tobacco sector. Tobacco Master Settlement Agreement bonds (tobacco bonds) have been the top-performing area of the municipal market over the last five years, and once again led the market over the past 12 months. Tobacco bonds also represented the Fund’s largest sector weight as of period-end. We have found tobacco bonds to be attractive investments, not only for their potential to enhance the Fund's performance, but also for the benefits received by the settling states that issue tobacco bonds since the establishment of the Master Settlement Agreement between the settling states and the tobacco-related companies. Those benefits have included: substantial funding for the advancement of public health; the implementation of important tobacco-related public health measures; and funding towards establishment of a national foundation dedicated to significantly reducing the use of tobacco products among youths.
The portfolio’s allocation to debt issued by charter schools, which also outpaced the broader Bloomberg Index over the 12-month period, was another positive contributor to the Fund’s relative performance. The Fund’s returns also benefited from positions in the health care sector, where we have focused on investing in issuers within the affordable care sector rather than in continuing care retirement communities, since the former covers a much broader segment of the population and thus offers a larger market opportunity, in our opinion.
With respect to individual positions, Buckeye Tobacco Settlement Bonds (Ohio), and Metropolitan Pier & Exposition Authority revenue bonds (Illinois) were among the top performers for the Fund during the 12-month period, while revenue bonds issued by the Wisconsin Public Finance Authority and the Illinois Finance Authority were notable detractors from relative performance. We have retained the Fund’s holdings of both securities, based on our belief that their fundamentals indicate the recent weakness could be short-term in nature.
6 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| Q | | Did the Fund’s distributions* to shareholders change during the 12-month period ended August 31, 2021? |
| A | | The Fund’s monthly distribution rate declined slightly over the 12-month period, reflecting the decline in municipal bond yields. |
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended August 31, 2021? |
| A | | The Fund had no exposure to derivatives during the period. |
| Q | | The Fund had nearly 25% of invested assets allocated to investment-grade municipal bonds at the close of the 12-month period ended August 31, 2021. What was the reason for this allocation? |
| A | | We maintained the Fund’s tactical position in the investment-grade municipals segment, as we have continued to be selective with regard to seeking investments in high-yield issues that meet our strict fundamental and relative-value criteria. The investment-grade allocation benefited the Fund’s performance throughout the height of the pandemic-induced market slump, and we have since reduced the portfolio’s investment-grade exposures to help fund new purchases of high-yield municipals. |
Based on our proprietary research and due diligence, we also have invested the portfolio in select, non-rated municipals that we felt might potentially provide yields in excess of those generated by issues covered by the major rating agencies. In fact, we rely on our own internal evaluations with respect to all of the securities held in the portfolio, rather than depending solely on the evaluations of the rating agencies.
| Q | | What is your investment outlook? |
| A | | The Fed has made frequent pronouncements that it intends to keep short-term interest rates at near-zero levels through late 2022. Therefore, we are optimistic about the interest-rate environment, at least for the near term. A low default rate and favorable supply-and-demand conditions have continued to provide additional tailwinds for the municipal market. In addition, we believe the major federal infrastructure proposal currently under debate in Washington, if passed into law, may lead to an increased number of attractive tax-exempt investment opportunities, driven by the |
| * | | Distributions are not guaranteed. |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 7
variety of new construction projects that such legislation could create. Lastly, given the enormous and ongoing need for federal assistance to cope with the lingering economic effects of COVID-19, the US government may finally have to address its rising debt levels, in part by raising taxes on high-income individuals. In fact, the Biden administration has already floated the idea of increases to both capital gains and individual income tax rates. If higher tax rates eventually become reality, that development may further increase demand for municipal bonds.
Consistent with our investment discipline, we anticipate maintaining a focus on intensive, fundamental research into individual bond issues that we choose for inclusion in the portfolio, while maintaining a close watch on any economic factors that could influence the market.
Please refer to the Schedule of Investments on pages 41–57 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
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.
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.
8 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
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 value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments.
The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
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 not a guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 9
Portfolio Summary | 8/31/21
10 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | | |
| 10 Largest Holdings(a) | |
| (As a percentage of total investments)* | |
| 1. | Buckeye Tobacco Settlement Financing Authority, 5.0%, 6/1/55 | 3.34% |
| 2. | Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/47 | 2.27 |
| 3. | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.0%, 7/1/58 | 2.01 |
| 4. | Commonwealth of Puerto Rico, 8.0%, 7/1/35 | 1.83 |
| 5. | Arkansas Development Finance Authority, Big River Steel Project, | |
| | 4.5%, 9/1/49 (144A) | 1.82 |
| 6. | Golden State Tobacco Securitization Corp., 5.0%, 6/1/47 | 1.63 |
| 7. | Metropolitan Pier & Exposition Authority, 5.0%, 6/15/50 | 1.56 |
| 8. | Metropolitan Pier & Exposition Authority, Mccormick Place Expansion, | |
| | 5.0%, 6/15/57 | 1.39 |
| 9. | City of Hammond, Custodial Receipts Cabelas Project, 7.5%, 2/1/29 (144A) | 1.32 |
| 10. | Los Angeles Department of Water & Power, 5.0%, 7/1/41 | 1.30 |
| (a) | | On December 21, 2020, the Fund began investing as a feeder fund in Pioneer High Income Municipal Portfolio (the "Portfolio"), and owns a pro rata interest in the Portfolio's net assets. Portfolio Diversification, State Distribution and Ten Largest Holdings at August 31, 2021 are based on the holdings of the Portfolio. For more complete details about the Portfolio's investment portfolio, see page 38. |
| * | | Excludes temporary cash investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 11
Prices and Distributions | 8/31/21
Net Asset Value per Share
| Class | 8/31/21 | 8/31/20 |
| A | $7.56 | $7.23 |
| C | $7.57 | $7.24 |
| Y | $7.46 | $7.14 |
Distributions per Share: 9/1/20–8/31/21
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.2640 | $ — | $ — |
| C | $0.2074 | $ — | $ — |
| Y | $0.2786 | $ — | $ — |
Index Definitions
The Bloomberg U.S. Municipal High Yield Bond Index is an unmanaged measure of the performance of the high-yield municipal bond market. 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 shown on pages 13–15.
12 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | |
| Performance Update | 8/31/21 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer High Income Municipal Fund at public offering price during the periods shown, compared to that of the Bloomberg U.S. Municipal High Yield Bond Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | Bloomberg |
| | Net | Public | U.S. |
| | Asset | Offering | Municipal |
| | Value | Price | High Yield |
| Period | (NAV) | (POP) | Bond Index |
| 10 years | 5.19% | 4.71% | 6.89% |
| 5 years | 4.49 | 3.53 | 6.19 |
| 1 year | 8.36 | 3.48 | 12.17 |
| Expense Ratio |
| (Per prospectus dated December 18, 2020) |
| Gross |
| 0.82% |
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 more current expense ratios.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 13
| | |
| Performance Update | 8/31/21 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer High Income Municipal Fund during the periods shown, compared to that of the Bloomberg U.S. Municipal High Yield Bond Index.
| Average Annual Total Returns | |
| (As of August 31, 2021) | |
| | | | Bloomberg |
| | | | U.S. |
| | | | Municipal |
| | If | If | High Yield |
| Period | Held | Redeemed | Bond Index |
| 10 years | 4.41% | 4.41% | 6.89% |
| 5 years | 3.72 | 3.72 | 6.19 |
| 1 year | 7.53 | 7.53 | 12.17 |
| Expense Ratio |
| (Per prospectus dated December 18, 2020) |
| Gross |
| 1.59% |
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.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | |
| Performance Update | 8/31/21 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer High Income Municipal Fund during the periods shown, compared to that of the Bloomberg U.S. Municipal High Yield Bond Index.
| Average Annual Total Returns |
| (As of August 31, 2021) | |
| | | Bloomberg |
| | Net | U.S. |
| | Asset | Municipal |
| | Value | High Yield |
| Period | (NAV) | Bond Index |
| 10 years | 5.39% | 6.89% |
| 5 years | 4.72 | 6.19 |
| 1 year | 8.54 | 12.17 |
| Expense Ratio |
| (Per prospectus dated December 18, 2020) |
| Gross | Net |
| 0.64% | 0.55% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2022 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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 High Income Municipal Fund | Annual Report | 8/31/21 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
| (1) | | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
| (2) | | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
| 1. | | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $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 High Income Municipal Fund
Based on actual returns from March 1, 2021 through August 31, 2021.
| Share Class* | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | |
| Ending Account Value | $1,048.27 | $1,044.18 | $1,049.91 |
| (after expenses) on 8/31/21 | | | |
| Expenses Paid | $4.18 | $8.14 | $2.84 |
| During Period** | | | |
| * | | Includes the Fund's share of Pioneer High Income Municipal Portfolio's allocated expenses. |
| ** | | Expenses are equal to the Fund’s annualized expense ratio of 0.80%, 1.57%, and 0.55% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). |
16 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from March 1, 2021 through August 31, 2021.
| Share Class* | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 3/1/21 | | | |
| Ending Account Value | $1,021.17 | $1,017.29 | $1,022.43 |
| (after expenses) on 8/31/21 | | | |
| Expenses Paid | $4.13 | $8.03 | $2.80 |
| During Period** | | | |
| * | | Includes the Fund's share of Pioneer High Income Municipal Portfolio's allocated expenses. |
| ** | | Expenses are equal to the Fund’s annualized expense ratio of 0.80%, 1.57%, and 0.55% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial year period). |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 17
Statement of Assets and Liabilities | 8/31/21
| | |
| ASSETS: | |
| Investment in Pioneer High Income Municipal Portfolio, | |
| at value | $2,054,839,170 |
| Cash | 9,335,590 |
| Receivables — | |
| Fund shares sold | 7,096,642 |
| Due from the Adviser | 651,287 |
| Total assets | $2,071,922,689 |
| LIABILITIES: | |
| Payables — | |
| Fund shares repurchased | $ 10,536,059 |
| Distributions | 970,357 |
| Trustees’ fees | 14,263 |
| Due to affiliates | 181,209 |
| Other liabilities | 181,190 |
| Accrued expenses | 372,139 |
| Total liabilities | $ 12,255,217 |
| NET ASSETS: | |
| Paid-in capital | $2,062,298,851 |
| Distributable earnings (loss) | (2,631,379) |
| Net assets | $2,059,667,472 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $653,216,052/86,426,583 shares) | $ 7.56 |
| Class C (based on $162,277,504/21,450,988 shares) | $ 7.57 |
| Class Y (based on $1,244,173,916/166,801,164 shares) | $ 7.46 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $7.56 net asset value per share/100%-4.50% | |
| maximum sales charge) | $ 7.92 |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements.
18 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | | |
| Statement of Operations* | | |
| FOR THE YEAR ENDED 8/31/21 | | |
| |
| INVESTMENT INCOME: | | |
| Income and expenses allocated from Pioneer High | | |
| Income Municipal Portfolio: | | |
| Interest Income | $58,701,528 | |
| Expenses | (367,466) | |
| Net Investment Income allocated from Pioneer High | | |
| Income Municipal Portfolio | 58,334,062 | |
| Interest from unaffiliated issuers | 24,915,107 | |
| Total investment income | | $ 83,249,169 |
| EXPENSES: | | |
| Management fees | $ 8,873,644 | |
| Administrative expense | 406,749 | |
| Transfer agent fees | | |
| Class A | 135,273 | |
| Class C | 61,175 | |
| Class Y | 1,197,778 | |
| Distribution fees | | |
| Class A | 1,618,826 | |
| Class C | 1,700,005 | |
| Shareowner communications expense | 41,691 | |
| Custodian fees | 4,797 | |
| Registration fees | 117,694 | |
| Professional fees | 381,989 | |
| Printing expense | 61,369 | |
| Pricing fees | 6,303 | |
| Trustees' fees | 84,695 | |
| Insurance expense | 2,945 | |
| Miscellaneous | 109,508 | |
| Total expenses | | $ 14,804,441 |
| Less fees waived and expenses reimbursed by the Adviser | | (1,343,087) |
| Net expenses | | $ 13,461,354 |
| Net investment income | | $ 69,787,815 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (4,134,968) | |
| Allocated from Pioneer High Income Municipal Portfolio: | | |
| Investments | 3,461,234 | $ (673,734) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | $27,045,538 | |
| Allocated from Pioneer High Income Municipal Portfolio: | | |
| Investments | $54,563,738 | $ 81,609,276 |
| Net realized and unrealized gain (loss) on investments | | $ 80,935,542 |
| Net increase in net assets resulting from operations* | | $150,723,357 |
| * | | On December 21, 2020, the Fund began investing as a feeder fund in Pioneer High Income Municipal Portfolio. The Statement of Operations includes the Fund’s information as a stand-alone and feeder fund for the respective periods (see Note 1). |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 19
Statements of Changes in Net Assets
| | | |
| | Year | Year |
| | Ended | Ended |
| | 8/31/21 | 8/31/20 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 69,787,815 | $ 64,033,056 |
| Net realized gain (loss) | (673,734) | (59,320,919) |
| Change in net unrealized appreciation (depreciation) | 81,609,276 | (21,611,905) |
| Net increase (decrease) in net assets resulting | | |
| from operations | $ 150,723,357 | $ (16,899,768) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.26 and $0.30 per share, respectively) | $ (23,110,609) | $ (24,841,976) |
| Class C ($0.21 and $0.24 per share, respectively) | (4,767,318) | (6,402,827) |
| Class Y ($0.28 and $0.31 per share, respectively) | (40,771,631) | (38,090,971) |
| Total distributions to shareowners | $ (68,649,558) | $ (69,335,774) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 751,322,534 | $1,095,332,906 |
| Reinvestment of distributions | 56,511,448 | 56,598,939 |
| Cost of shares repurchased | (599,560,828) | (804,346,001) |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 208,273,154 | $ 347,585,844 |
| Net increase in net assets | $ 290,346,953 | $ 261,350,302 |
| NET ASSETS: | | |
| Beginning of year | $ 1,769,320,519 | $1,507,970,217 |
| End of year | $ 2,059,667,472 | $1,769,320,519 |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
20 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended |
| | 8/31/21 | 8/31/21 | 8/31/20 | 8/31/20 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 23,659,703 | $ 174,512,499 | 42,422,453 | $313,402,243 |
| Reinvestment of distributions | 2,755,403 | 20,379,586 | 3,017,200 | 22,098,332 |
| Less shares repurchased | (27,352,469) | (201,935,057) | (30,167,966) | (216,677,996) |
| Net increase (decrease) | (937,363) | $ (7,042,972) | 15,271,687 | $118,822,579 |
| Class C | | | | |
| Shares sold | 3,423,673 | $ 25,354,154 | 9,914,054 | $ 73,707,281 |
| Reinvestment of distributions | 578,823 | 4,279,295 | 739,548 | 5,415,934 |
| Less shares repurchased | (8,831,844) | (64,915,848) | (7,534,554) | (54,546,485) |
| Net increase (decrease) | (4,829,348) | $ (35,282,399) | 3,119,048 | $ 24,576,730 |
| Class Y | | | | |
| Shares sold | 75,493,379 | $ 551,455,881 | 98,135,027 | $708,223,382 |
| Reinvestment of distributions | 4,355,451 | 31,852,567 | 4,018,802 | 29,084,673 |
| Less shares repurchased | (45,725,710) | (332,709,923) | (75,051,914) | (533,121,520) |
| Net increase | 34,123,120 | $ 250,598,525 | 27,101,915 | $204,186,535 |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 21
Financial Highlights
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 8/31/21(c) | 8/31/20(c) | 8/31/19(c) | 8/31/18(c) | 8/31/17(c) |
| Class A | | | | | |
| Net asset value, beginning of period | $ 7.23 | $ 7.56 | $ 7.36 | $ 7.32 | $ 7.59 |
| Increase (decrease) from investment operations: | | | | | | | |
| Net investment income (loss) (a) | $ 0.27 | $ 0.27 | $ 0.35 | $ 0.38 | $ 0.35 |
| Net realized and unrealized gain (loss) on investments | 0.32 | (0.30) | 0.21 | 0.02 | (0.26) |
| Net increase (decrease) from investment operations | $ 0.59 | $ (0.03) | $ 0.56 | $ 0.40 | $ 0.09 |
| Distributions to shareowners: | | | | | | | | |
| Net investment income | $ (0.26) | $ (0.30) | $ (0.36) | $ (0.36) | $ (0.36) |
| Net increase (decrease) in net asset value | $ 0.33 | $ (0.33) | $ 0.20 | $ 0.04 | $ (0.27) |
| Net asset value, end of period | $ 7.56 | $ 7.23 | $ 7.56 | $ 7.36 | $ 7.32 |
| Total return (b) | 8.36% | (0.41)% | 7.87% | 5.60% | 1.32% |
| Ratio of net expenses to average net assets | 0.81%(d) | 0.82% | 0.83% | 0.86% | 0.88% |
| Ratio of net investment income (loss) to average net assets | 3.60% | 3.71% | 4.81% | 5.16% | 4.85% |
| Portfolio turnover rate | 24%(e) | 73% | 20% | 22% | 35% |
| Net assets, end of period (in thousands) | $653,216 | $631,922 | $545,014 | $313,695 | $267,618 |
| 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 | 0.82% | 0.82% | 0.85% | 0.86% | 0.88% |
| Net investment income (loss) to average net assets | 3.59% | 3.71% | 4.79% | 5.16% | 4.85% |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
| (c) | | On December 21, 2020, the Fund began investing as a feeder fund in Pioneer High Income Municipal Portfolio. Expense ratios disclosed prior to August 31, 2021 are for the Fund as a stand-alone fund. |
| (d) | | Includes the Fund's share of Pioneer High Income Municipal Portfolio's allocated expenses. |
| (e) | | Represents the portfolio turnover rate of the Fund as a stand-alone fund from September 1, 2020 to December 20, 2020 and of Pioneer High Income Municipal Portfolio for the period ended August 31, 2021. |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
22 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 8/31/21(c) | 8/31/20(c) | 8/31/19(c) | 8/31/18(c) | 8/31/17(c) |
| Class C | | | | | |
| Net asset value, beginning of period | $ 7.24 | $ 7.56 | $ 7.36 | $ 7.32 | $ 7.59 |
| Increase (decrease) from investment operations: | | | | | |
| Net investment income (loss) (a) | $ 0.21 | $ 0.22 | $ 0.35 | $ 0.32 | $ 0.30 |
| Net realized and unrealized gain (loss) on investments | 0.33 | (0.30) | | 0.15 | | 0.02 | (0.27) |
| Net increase (decrease) from investment operations | $ 0.54 | $ (0.08) | $ 0.50 | $ 0.34 | $ 0.03 |
| Distributions to shareowners: | | | | | |
| Net investment income | $ (0.21) | $ (0.24) | $ (0.30) | $ (0.30) | $ (0.30) |
| Net increase (decrease) in net asset value | $ 0.33 | $ (0.32) | $ 0.20 | $ 0.04 | $ (0.27) |
| Net asset value, end of period | $ 7.57 | $ 7.24 | $ 7.56 | $ 7.36 | $ 7.32 |
| Total return (b) | 7.53% | (1.03)% | 7.05% | 4.81% | 0.55% |
| Ratio of net expenses to average net assets | 1.58%(d) | 1.59% | 1.60% | 1.63% | 1.65% |
| Ratio of net investment income (loss) to average net assets | 2.84% | 2.95% | 4.07% | 4.42% | 4.10% |
| Portfolio turnover rate | 24%(e) | 73% | 20% | 22% | 35% |
| Net assets, end of period (in thousands) | $162,278 | $190,279 | $175,156 | $134,670 | $143,846 |
| 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 | 1.59% | 1.59% | 1.61% | 1.63% | 1.65% |
| Net investment income (loss) to average net assets | 2.83% | | 2.95% | 4.06% | 4.42% | 4.10% |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
| (c) | | On December 21, 2020, the Fund began investing as a feeder fund in Pioneer High Income Municipal Portfolio. Expense ratios disclosed prior to August 31, 2021 are for the Fund as a stand-alone fund. |
| (d) | | Includes the Fund's share of Pioneer High Income Municipal Portfolio's allocated expenses. |
| (e) | | Represents the portfolio turnover rate of the Fund as a stand-alone fund from September 1, 2020 to December 20, 2020 and of Pioneer High Income Municipal Portfolio for the period ended August 31, 2021. |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 23
Financial Highlights (continued)
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 8/31/21(c) | 8/31/20(c) | 8/31/19(c) | 8/31/18(c) | 8/31/17(c) |
| Class Y | | | | | |
| Net asset value, beginning of period | $ 7.14 | $ 7.46 | $ 7.26 | $ 7.22 | $ 7.49 |
| Increase (decrease) from investment operations: | | | | | |
| Net investment income (loss) (a) | $ 0.28 | $ 0.29 | $ 0.35 | $ 0.38 | $ 0.36 |
| Net realized and unrealized gain (loss) on investments | 0.32 | (0.30) | 0.22 | 0.03 | (0.26) |
| Net increase (decrease) from investment operations | $ 0.60 | $ (0.01) | $ 0.57 | $ 0.41 | $ 0.10 |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.28) | $ (0.31) | $ (0.37) | $ (0.37) | $ (0.37) |
| Net increase (decrease) in net asset value | $ 0.32 | $ (0.32) | $ 0.20 | $ 0.04 | $ (0.27) |
| Net asset value, end of period | $ 7.46 | $ 7.14 | $ 7.46 | $ 7.26 | $ 7.22 |
| Total return (b) | 8.54% | (0.08)% | 8.18% | 5.80% | 1.45% |
| Ratio of net expenses to average net assets | 0.55%(d) | 0.55% | 0.55% | 0.68% | 0.72% |
| Ratio of net investment income (loss) to average net assets | 3.85% | 3.97% | 4.99% | 5.31% | 4.99% |
| Portfolio turnover rate | 24%(e) | 73% | 20% | 22% | 35% |
| Net assets, end of period (in thousands) | $1,244,174 | $947,119 | $787,800 | $290,431 | $192,118 |
| 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 | 0.67% | 0.64% | 0.66% | 0.68% | 0.72% |
| Net investment income (loss) to average net assets | 3.73% | 3.88% | 4.88% | 5.31% | 4.99% |
| | | | | | | | | |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
| (c) | | On December 21, 2020, the Fund began investing as a feeder fund in Pioneer High Income Municipal Portfolio. Expense ratios disclosed prior to August 31 ,2021 are for the Fund as a stand-alone fund. |
| (d) | | Includes the Fund's share of Pioneer High Income Municipal Portfolio's allocated expenses. |
| (e) | | Represents the portfolio turnover rate of the Fund as a stand-alone fund from September 1, 2020 to December 20, 2020 and of Pioneer High Income Municipal Portfolio for the period ended August 31, 2021. |
The accompanying notes are an integral part of these financial statements. Additionally, the financial statements of the Pioneer High Income Municipal Portfolio are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.
24 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Notes to Financial Statements | 8/31/21
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Fund (the “Fund”) is one of four portfolios comprising Pioneer Series Trust V (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 investment objective of the Fund is to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation.
Effective December 21, 2020, the Fund began investing all of its investable assets as a feeder fund in Pioneer High Income Municipal Portfolio (the “Portfolio”), a portfolio of Pioneer Core Trust I, that has the same investment objective and policies as the Fund. The financial statements of the Portfolio, including the schedule of investments, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements. The Portfolio is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. At August 31, 2021, the Fund owned approximately 99.999% of the Portfolio. On December 21, 2020, Pioneer High Income Municipal Fund transferred all of its investable assets, with a cost basis of $1,707,664,760 and a value of $1,760,998,235, to the Portfolio in exchange for an interest in the Portfolio. The transaction was structured to qualify as a tax-free exchange of assets. The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, which are attached, are an integral part of these financial statements. Refer to the accounting policies disclosed in the financial statements of Portfolio for additional information regarding significant accounting policies that affect the Fund.
The Fund offers four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class K shares had not commenced operations as of August 31, 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
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 25
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 investment adviser of the Fund and the Portfolio (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended August 31, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
26 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
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.
The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio and is categorized as Level 1. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report. Disclosure about the classification of fair value measurements is presented in a tabular format following the Portfolio’s Schedule of Investments.
Prior to December 21, 2020, the Fund invested directly in securities. Purchases and sales of securities by the Fund (excluding temporary cash investments) during the period from September 1, 2020 through December 21, 2020 aggregated $221,887,125 and $221,925,154, respectively. Please see the notes to the Portfolio's financial statements included elsewhere in this report for a discussion regarding the valuation of securities in which the Fund, prior to December 21, 2020, and Portfolio invest.
| B. | | Investment Income and Transactions |
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.
The Fund receives a daily allocation of the Portfolio’s income, expenses and net realized and unrealized gains and losses in proportion to its investment in the Portfolio.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 27
C. Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of August 31, 2021, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
At August 31, 2021, the Fund reclassified $256,924 to increase/decrease distributable earnings and $(256,924) to increase/decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At August 31, 2021, the Fund was permitted to carry forward indefinitely $72,653,873 of short-term and $39,973,570 of long-term losses.
The tax character of distributions paid during the years ended August 31, 2021 and August 31, 2020, were as follows:
| | 2021 | 2020 |
| Distributions paid from: | | |
| Tax-exempt income | $65,893,515 | $67,574,615 |
| Ordinary income | 2,756,043 | 1,761,159 |
| Total | $68,649,558 | $69,335,774 |
28 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
The following shows the components of distributable earnings (losses) on a federal income tax basis at August 31, 2021:
| | 2021 |
| Distributable earnings: | |
| Undistributed tax-exempt income | $ 9,610,205 |
| Capital loss carryforward | (112,627,443) |
| Current year dividend payable | (970,357) |
| Net unrealized appreciation | 101,356,216 |
| Total | $ (2,631,379) |
| At August 31, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $ 1,953,482,954 was as follows: |
| | |
| | Aggregate gross unrealized appreciation for all investments in which | | |
| | there is an excess of value over tax cost | | $ 158,136,748 |
| | Aggregate gross unrealized depreciation for all investments in which | | |
| | there is an excess of tax cost over value | | (56,780,532) |
| | Net unrealized appreciation | $ 101,356,216 |
| | | |
The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments related to interest on defaulted bonds and the tax treatment of amortization.
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $60,546 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2021.
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, and Class Y shares can reflect different transfer agent and distribution expense rates.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 29
The Fund invests directly in the Portfolio, the following are the underlying risks of the Portfolio’s securities. The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative
30 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
actions, and by uncertainties and public perceptions concerning these and other factors. Municipal securities may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress.
Financial difficulties of municipal issuers may continue or get worse. To the extent the Fund invests significantly in a single state, including California, Illinois, New York and Indiana, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, transportation, special revenues and pollution control, the Fund will be more susceptible to associated risks and developments.
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The effect of any changes to — or discontinuation of — LIBOR on the portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
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 High Income Municipal Fund | Annual Report | 8/31/21 31
plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges, or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
32 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate equal to 0.50% of the Fund’s average daily net assets up to $500 million, 0.475% of the next $500 million of the Fund’s average daily net assets and 0.45% of the Fund’s average daily net assets over $1 billion. For the year ended August 31, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.47% of the Fund’s average daily net assets.
Effective December 21, 2020, the Adviser has contractually agreed to waive and/or reimburse ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 0.82%, 1.59% and 0.55% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through January 1, 2022. There can be no assurance that the Adviser will extend the expense limitation agreement beyond the date referred to above. Fees waived and expenses reimbursed during the year ended August 31, 2021 are reflected on the Statement of Operations.
Prior to December 21, 2020, the Adviser contractually agreed to waive and/or reimburse ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 0.83% and 0.55% of the average daily net assets attributable to Class A and Class Y shares, respectively.
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 $136,618 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended August 31, 2021, the Fund paid $84,695 in Trustees' compensation, which is reflected on the Statement of Operations as Trustees' fees. At August 31, 2021, the Fund had a payable for Trustees' fees on its Statement of Assets and Liabilities of $14,263.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 33
4. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2021, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $12,636 |
| Class C | 5,968 |
| Class Y | 23,087 |
| Total | $41,691 |
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 $44,591 in distribution fees payable to the Distributor at August 31, 2021.
In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2021, CDSCs in the amount of $77,903 were paid to the Distributor.
34 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit ("credit facility"). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 3, 2021, the Fund participates in a facility in the amount of $450 million. Prior to February 3, 2021, the Fund participated in a facility in the amount of $300 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender's commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended August 31, 2021, the Fund had no borrowings under the credit facility.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 35
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V and the Shareholders of
Pioneer High Income Municipal Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer High Income Municipal Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust V (the “Trust”)), and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer High Income Municipal Fund (one of the funds constituting Pioneer Series Trust V) at August 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
36 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 4, 2021
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 37
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements
38 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 39
(The following financial statements of Pioneer High Income Municipal Portfolio should be read in conjunction with the Fund’s financial statements.)
40 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
Table of Contents
Schedule of Investments | 8/31/21
Pioneer High Income Municipal Portfolio
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | UNAFFILIATED ISSUERS — 95.8% | |
| | DEBTORS IN POSSESSION FINANCING — 0.6% | |
| | of Net Assets# | |
| | Iron & Steel — 0.6% | |
| 4,210,000 | United States Steel Corp., 6.25%, 3/15/26 | $ 4,336,216 |
| 7,500,000 | United States Steel Corp., 6.65%, 6/1/37 | 8,184,000 |
| | Total Iron & Steel | $ 12,520,216 |
| | TOTAL DEBTORS IN POSSESSION FINANCING |
| | (Cost $11,543,250) | $ 12,520,216 |
| | MUNICIPAL BONDS — 95.2% of Net Assets(a) | |
| | Alabama — 1.3% | |
| 2,500,000 | Hoover Industrial Development Board, 5.75%, 10/1/49 | $ 2,989,825 |
| 3,251,500 | Tuscaloosa County Industrial Development Authority, | |
| | Hunt Refining Project, Series A, 4.5%, 5/1/32 (144A) | 3,502,256 |
| 17,500,000 | Tuscaloosa County Industrial Development Authority, | |
| | Hunt Refining Project, Series A, 5.25%, 5/1/44 (144A) | 20,190,275 |
| | Total Alabama | $ 26,682,356 |
| | Alaska — 0.2% | |
| 1,500,000 | Northern Tobacco Securitization Corp., 4.0%, 6/1/50 | $ 1,770,480 |
| 2,750,000 | Northern Tobacco Securitization Corp., 4.0%, 6/1/50 | 3,265,625 |
| | Total Alaska | $ 5,036,105 |
| | Arizona — 1.7% | |
| 1,675,000 | Arizona Industrial Development Authority, Doral | |
| | Academy Nevada Fire Mesa, Series A, 5.0%, |
| | 7/15/49 (144A) | $ 1,969,080 |
| 9,640,000 | City of Phoenix, AZ, Industrial Development Authority, | |
| | Deer Valley Veterans Assisted Living Project, |
| | 5.125%, 7/1/36 | 9,994,559 |
| 12,865,000 | City of Phoenix, Industrial Development Authority, | |
| | 3rd & Indian School Assisted Living Project, |
| | 5.4%, 10/1/36 | 13,390,664 |
| 1,000,000 | Industrial Development Authority of the County of | |
| | Pima, Facility Desert Heights Charter, 7.0%, 5/1/34 | 1,112,760 |
| 3,000,000 | Industrial Development Authority of the County of | |
| | Pima, Facility Desert Heights Charter, 7.25%, 5/1/44 | 3,340,890 |
| 1,700,000 | Tempe Industrial Development Authority, 6.125%, | |
| | 10/1/47 (144A) | 1,885,334 |
| 2,400,000 | Tempe Industrial Development Authority, 6.125%, | |
| | 10/1/52 (144A) | 2,655,192 |
| | Total Arizona | $ 34,348,479 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 41
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Arkansas — 1.7% | |
| 32,265,000 | Arkansas Development Finance Authority, Big River | |
| | Steel Project, 4.5%, 9/1/49 (144A) | $ 35,862,870 |
| | Total Arkansas | $ 35,862,870 |
| | California — 14.9% | |
| 5,000,000 | California Community Housing Agency, 3.0%, | |
| | 8/1/56 (144A) | $ 5,191,500 |
| 2,500,000 | California Community Housing Agency, 4.0%, | |
| | 8/1/46 (144A) | 2,780,975 |
| 100,000 | California County Tobacco Securitization Agency, | |
| | 5.875%, 6/1/43 | 100,362 |
| 12,025,000 | California Educational Facilities Authority, | |
| | 5.0%, 5/1/45 | 18,619,871 |
| 4,495,000 | California Educational Facilities Authority, Stanford | |
| | University, Series U-7, 5.0%, 6/1/46 | 7,046,901 |
| 9,020,000 | California Educational Facilities Authority, Stanford | |
| | University, Series V-1, 5.0%, 5/1/49 | 14,048,379 |
| 2,910,000 | California Municipal Finance Authority, 4.75%, | |
| | 12/1/31 (144A) | 3,142,567 |
| 185,000 | California Municipal Finance Authority, 5.0%, | |
| | 12/1/36 (144A) | 221,112 |
| 2,000,000 | California Municipal Finance Authority, 5.0%, | |
| | 12/1/46 (144A) | 2,354,420 |
| 2,000,000 | California Municipal Finance Authority, 5.0%, | |
| | 11/1/49 (144A) | 2,315,900 |
| 2,000,000 | California Municipal Finance Authority, 5.0%, | |
| | 12/1/54 (144A) | 2,329,620 |
| 6,115,000 | California Municipal Finance Authority, 5.25%, | |
| | 12/1/36 (144A) | 6,892,033 |
| 4,530,000 | California Municipal Finance Authority, 5.5%, | |
| | 12/1/39 (144A) | 5,023,679 |
| 1,600,000 | California Municipal Finance Authority, 5.5%, | |
| | 11/1/45 (144A) | 1,921,040 |
| 1,550,000 | California Municipal Finance Authority, John Adams | |
| | Academics Project, 5.25%, 10/1/45 | 1,628,725 |
| 250,000 | California Municipal Finance Authority, John Adams | |
| | Academics Project, Series A, 5.0%, 10/1/35 | 261,898 |
| 500,000 | California Municipal Finance Authority, Santa Rosa | |
| | Academy Project, 5.125%, 7/1/35 (144A) | 559,350 |
| 1,575,000 | California Municipal Finance Authority, Santa Rosa | |
| | Academy Project, 5.375%, 7/1/45 (144A) | 1,760,818 |
| 6,300,000 | California Municipal Finance Authority, Santa Rosa | |
| | Academy Project, Series A, 6.0%, 7/1/42 | 6,521,949 |
| 2,865,000(b) | California School Finance Authority, Classical | |
| | Academies Project, Series A, 7.375%, 10/1/43 | 3,087,754 |
| 830,000 | California School Finance Authority, School View | |
| | Park Elementary & Middle School, Series A, 5.625%, | |
| | 10/1/34 | 927,276 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | California — (continued) | |
| 2,175,000 | California School Finance Authority, School View Park | |
| | Elementary & Middle School, Series A, 5.875%, 10/1/44 | $ 2,429,562 |
| 1,000,000 | California School Finance Authority, School View Park | |
| | Elementary & Middle School, Series A, 6.0%, 10/1/49 | 1,121,010 |
| 125,000 | California School Finance Authority, View Park | |
| | Elementary & Middle School, Series A, 4.75%, 10/1/24 | 133,514 |
| 3,230,000 | California School Finance Authority, View Park | |
| | High School, Series A, 7.125%, 10/1/48 (144A) | 3,605,907 |
| 1,875,000 | California Statewide Communities Development | |
| | Authority, 5.0%, 11/1/41 (144A) | 2,249,925 |
| 1,560,000 | California Statewide Communities Development | |
| | Authority, Baptist University, Series A, 6.125%, 11/1/33 | 1,764,204 |
| 4,030,000 | California Statewide Communities Development | |
| | Authority, Baptist University, Series A, 6.375%, 11/1/43 | 4,566,675 |
| 1,000,000 | California Statewide Communities Development | |
| | Authority, Loma Linda University Medical Center, | |
| | Series A, 5.25%, 12/1/43 (144A) | 1,203,450 |
| 13,095,000 | California Statewide Communities Development | |
| | Authority, Loma Linda University Medical Center, | |
| | Series A, 5.25%, 12/1/56 (144A) | 14,980,942 |
| 10,000,000 | California Statewide Communities Development | |
| | Authority, Loma Linda University Medical Center, | |
| | Series A, 5.5%, 12/1/58 (144A) | 12,135,200 |
| 2,430,000 | City of Los Angeles Department of Airports, | |
| | 5.0%, 5/15/40 | 3,142,160 |
| 7,585,000 | City of Los Angeles Department of Airports, | |
| | 5.0%, 5/15/41 | 9,760,833 |
| 700,000 | City of Oroville CA, 5.25%, 4/1/34 | 808,633 |
| 6,980,000 | City of Oroville CA, 5.25%, 4/1/39 | 7,942,472 |
| 8,415,000 | City of Oroville CA, 5.25%, 4/1/49 | 9,408,138 |
| 15,950,000 | City of Oroville, Oroville Hospital, 5.25%, 4/1/54 | 17,749,001 |
| 3,000,000 | CMFA Special Finance Agency VII, 3.0%, 8/1/56 (144A) | 3,073,200 |
| 4,000,000 | CMFA Special Finance Agency VII, 4.0%, 8/1/47 (144A) | 4,368,000 |
| 4,000,000 | CSCDA Community Improvement Authority, 4.0%, | |
| | 2/1/57 (144A) | 4,379,760 |
| 30,830,000 | Golden State Tobacco Securitization Corp., | |
| | 5.0%, 6/1/47 | 32,094,338 |
| 11,815,000 | Golden State Tobacco Securitization Corp., | |
| | 5.25%, 6/1/47 | 12,351,047 |
| 9,825,000 | Golden State Tobacco Securitization Corp., | |
| | Asset-Backed, Series A-2, 5.3%, 6/1/37 | 10,193,438 |
| 19,470,000 | Los Angeles Department of Water & Power, | |
| | 5.0%, 7/1/41 | 25,560,800 |
| 3,000,000 | Los Angeles Department of Water & Power, | |
| | 5.0%, 7/1/48 | 3,871,740 |
| 5,240,000 | Metropolitan Water District of Southern California, | |
| | 5.0%, 10/1/40 | 7,020,133 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 43
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | California — (continued) | |
| 4,360,000 | Metropolitan Water District of Southern California, | |
| | 5.0%, 10/1/41 | $ 5,822,562 |
| 2,500,000(c) | Pittsburg Unified School District Financing Authority, | |
| | Capital Appreciation General Obligation | |
| | Pittsburg, 9/1/41 (AGM Insured) | 1,607,375 |
| 1,925,000(c) | Pittsburg Unified School District Financing Authority, | |
| | Capital Appreciation General Obligation | |
| | Pittsburg, 9/1/42 (AGM Insured) | 1,203,125 |
| 1,000,000 | Tobacco Securitization Authority of Northern | |
| | California, 4.0%, 6/1/49 | 1,185,450 |
| 11,235,000 | University of California, 4.0%, 5/15/47 | 13,277,074 |
| | Total California | $ 305,745,797 |
| | Colorado — 2.9% | |
| 4,535,000(d) | 2000 Holly Metropolitan District, 5.0%, 12/1/50 | $ 4,945,009 |
| 577,000(d) | 2000 Holly Metropolitan District, 7.5%, 12/15/50 | 617,650 |
| 865,000(d) | Belleview Village Metropolitan District, 4.95%, 12/1/50 | 935,947 |
| 2,000,000(b) | Colorado Educational & Cultural Facilities Authority, | |
| | Rocky Mountain Classical Academy Project, |
| | 8.0%, 9/1/43 | 2,302,060 |
| 5,000,000(b) | Colorado Educational & Cultural Facilities Authority, | |
| | Rocky Mountain Classical Academy Project, |
| | 8.125%, 9/1/48 | 5,767,600 |
| 1,250,000(d) | Cottonwood Highlands Metropolitan District No. 1, | |
| | Series A, 5.0%, 12/1/49 | 1,344,412 |
| 2,090,000(d) | Cottonwood Highlands Metropolitan District No. 1, | |
| | Series B, 8.75%, 12/15/49 | 2,243,113 |
| 2,840,000(d) | Crystal Crossing Metropolitan District, 5.25%, 12/1/40 | 3,082,280 |
| 3,379,000 | Dominion Water & Sanitation District, 6.0%, 12/1/46 | 3,478,782 |
| 3,550,000(d) | Green Valley Ranch East Metropolitan District No 6, | |
| | 5.875%, 12/1/50 | 3,956,085 |
| 7,635,000(d) | Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 | 8,207,320 |
| 3,327,000(d) | Littleton Village Metropolitan District No. 2, | |
| | 5.375%, 12/1/45 | 3,430,902 |
| 1,125,000 | Nine Mile Metropolitan District, 4.625%, 12/1/30 | 1,248,716 |
| 4,880,000 | Nine Mile Metropolitan District, 5.125%, 12/1/40 | 5,444,470 |
| 1,000,000(d) | Ridgeline Vista Metropolitan District, 5.25%, 12/1/60 | 1,112,540 |
| 1,000,000(d) | Settler’s Crossing Metropolitan District No 1, 5.0%, | |
| | 12/1/40 (144A) | 1,096,240 |
| 2,130,000(d) | Settler’s Crossing Metropolitan District No 1, 5.125%, | |
| | 12/1/50 (144A) | 2,327,984 |
| 597,000(d) | Settler’s Crossing Metropolitan District No 1, | |
| | 7.625%, 12/15/50 | 634,139 |
| 1,875,000(d) | Village at Dry Creek Metropolitan District No 2, | |
| | 4.375%, 12/1/44 | 1,988,063 |
| 1,250,000(d) | Villas Metropolitan District, 5.125%, 12/1/48 | 1,331,875 |
| 1,240,000(d) | Willow Bend Metropolitan District, 5.0%, 12/1/39 | 1,347,508 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Colorado — (continued) | |
| 1,460,000(d) | Willow Bend Metropolitan District, 5.0%, 12/1/49 | $ 1,575,895 |
| 755,000(d) | Willow Bend Metropolitan District, 7.625%, 12/15/49 | 802,633 |
| | Total Colorado | $ 59,221,223 |
| | District of Columbia — 0.6% | |
| 735,000 | District of Columbia Tobacco Settlement Financing | |
| | Corp., Asset-Backed, 6.75%, 5/15/40 | $ 758,998 |
| 10,000,000(d) | District of Columbia, Series A, 5.0%, 10/15/44 | 12,634,300 |
| | Total District of Columbia | $ 13,393,298 |
| | Florida — 0.2% | |
| 500,000 | Capital Trust Agency, Inc., 5.0%, 7/1/43 | $ 160,000 |
| 750,000 | Capital Trust Agency, Inc., 5.0%, 7/1/53 | 240,000 |
| 500,000 | Capital Trust Agency, Inc., 5.25%, 7/1/48 | 160,000 |
| 700,000 | County of Lake FL, 5.0%, 1/15/39 (144A) | 827,526 |
| 1,525,000 | County of Lake FL, 5.0%, 1/15/49 (144A) | 1,787,452 |
| 850,000 | County of Lake FL, 5.0%, 1/15/54 (144A) | 993,650 |
| | Total Florida | $ 4,168,628 |
| | Guam — 0.1% | |
| 1,100,000 | Guam Economic Development & Commerce | |
| | Authority, 5.625%, 6/1/47 | $ 1,100,044 |
| | Total Guam | $ 1,100,044 |
| | Illinois — 13.6% | |
| 1,305,000(d) | Chicago Board of Education, 5.0%, 12/1/44 | $ 1,560,976 |
| 4,275,000(d) | Chicago Board of Education, 5.0%, 12/1/46 | 5,100,417 |
| 15,000,000(d) | Chicago Board of Education, 5.0%, 12/1/46 | 18,356,850 |
| 35,000(d) | Chicago Board of Education, 5.25%, 12/1/41 | 35,336 |
| 5,000,000(d) | Chicago Board of Education, 5.5%, 12/1/31 | |
| | (AMBAC Insured) | 7,056,550 |
| 1,650,000 | Chicago Board of Education, 5.75%, 4/1/35 | 2,043,145 |
| 8,010,000 | Chicago Board of Education, 6.0%, 4/1/46 | 9,896,996 |
| 6,500,000(d) | Chicago Board of Education, 6.138%, 12/1/39 | 8,104,200 |
| 5,440,000(d) | Chicago Board of Education, 6.519%, 12/1/40 | 7,060,576 |
| 2,415,000(d) | Chicago Board of Education Project, Series C, | |
| | 5.25%, 12/1/39 | 2,710,234 |
| 2,035,000(d) | Chicago Board of Education, Series A, 5.0%, 12/1/33 | 2,555,879 |
| 925,000(d) | Chicago Board of Education, Series A, 5.0%, 12/1/41 | 933,575 |
| 12,075,000(d) | Chicago Board of Education, Series A, 5.0%, 12/1/42 | 12,632,744 |
| 1,575,000(d) | Chicago Board of Education, Series A, 5.5%, 12/1/39 | 1,591,033 |
| 1,000,000(d) | Chicago Board of Education, Series A, 7.0%, | |
| | 12/1/46 (144A) | 1,306,750 |
| 8,000,000(d) | Chicago Board of Education, Series B, 6.5%, 12/1/46 | 9,884,240 |
| 3,250,000(d) | Chicago Board of Education, Series D, 5.0%, 12/1/31 | 4,015,602 |
| 10,000,000(d) | City of Chicago IL, 5.0%, 1/1/28 | 12,486,600 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 45
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Illinois — (continued) | |
| 3,435,000(d) | City of Chicago IL, 5.5%, 1/1/30 | $ 3,948,945 |
| 9,200,000(d) | City of Chicago IL, 5.5%, 1/1/35 | 11,911,148 |
| 17,000,000(d) | City of Chicago IL, 5.5%, 1/1/49 | 21,458,250 |
| 7,975,000(d) | City of Chicago IL, 6.0%, 1/1/38 | 9,994,031 |
| 4,000,000(d) | City of Chicago IL, 6.314%, 1/1/44 | 5,317,200 |
| 2,000,000(d) | City of Chicago, Series A, 5.0%, 1/1/44 | 2,455,660 |
| 4,495,000 | City of Plano IL Special Service Area No 3 & No 4, | |
| | 4.0%, 3/1/35 | 4,737,955 |
| 1,591,212(c) | Illinois Finance Authority, 11/15/52 | 141,077 |
| 2,520,597(e) | Illinois Finance Authority, 4.0%, 11/15/52 | 2,686,150 |
| 4,050,000 | Illinois Finance Authority, 6.0%, 11/15/36 | 4,067,375 |
| 10,000,000 | Illinois State Toll Highway Authority, 5.0%, 1/1/45 | 12,836,000 |
| 5,000,000(c) | Metropolitan Pier & Exposition Authority, 12/15/56 | 1,980,900 |
| 4,000,000 | Metropolitan Pier & Exposition Authority, | |
| | 4.0%, 12/15/42 | 4,620,320 |
| 2,000,000 | Metropolitan Pier & Exposition Authority, | |
| | 4.0%, 12/15/47 | 2,290,700 |
| 10,000,000 | Metropolitan Pier & Exposition Authority, 4.0%, 6/15/50 | 11,619,400 |
| 2,500,000 | Metropolitan Pier & Exposition Authority, 4.0%, 6/15/52 | 2,846,775 |
| 25,000,000 | Metropolitan Pier & Exposition Authority, 5.0%, 6/15/50 | 30,642,250 |
| 23,000,000 | Metropolitan Pier & Exposition Authority, Mccormick | |
| | Place Expansion, 5.0%, 6/15/57 | 27,438,310 |
| 2,830,000 | Metropolitan Pier & Exposition Authority, McCormick | |
| | Place, Series B, 5.0%, 6/15/52 (ST APPROP Insured) | 2,933,408 |
| 7,690,000(f) | Southwestern Illinois Development Authority, | |
| | Comprehensive Mental Health Center, 6.625%, 6/1/37 | 5,306,100 |
| 1,415,000 | Southwestern Illinois Development Authority, Village of | |
| | Sauget Project, 5.625%, 11/1/26 | 1,344,278 |
| 1,225,000 | Village of Matteson IL, 6.5%, 12/1/35 | 1,389,799 |
| 1,139,000 | Village of Volo IL Special Service Area No 17, | |
| | 5.5%, 3/1/47 | 1,195,756 |
| | Total Illinois | $ 280,493,490 |
| | Indiana — 6.8% | |
| 2,745,000 | City of Anderson IN, 5.375%, 1/1/40 | $ 2,817,166 |
| 775,000 | City of Evansville IN, 4.8%, 1/1/28 | 783,773 |
| 6,475,000 | City of Evansville, Silver Birch Evansville Project, | |
| | 5.45%, 1/1/38 | 6,602,816 |
| 700,000 | City of Fort Wayne IN, 5.125%, 1/1/32 | 718,550 |
| 4,665,000 | City of Fort Wayne IN, 5.35%, 1/1/38 | 4,796,273 |
| 24,990,000 | City of Hammond, Custodial Receipts Cabelas Project, | |
| | 7.5%, 2/1/29 (144A) | 25,987,101 |
| 1,275,000 | City of Kokomo, IN, Silver Birch of Kokomo, | |
| | 5.75%, 1/1/34 | 1,347,025 |
| 7,825,000 | City of Kokomo, IN, Silver Birch of Kokomo, | |
| | 5.875%, 1/1/37 | 8,262,261 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Indiana — (continued) | |
| 1,230,000 | City of Lafayette, IN, Glasswater Creek Lafayette | |
| | Project, 5.6%, 1/1/33 | $ 1,275,018 |
| 6,000,000 | City of Lafayette, IN, Glasswater Creek Lafayette | |
| | Project, 5.8%, 1/1/37 | 6,245,940 |
| 1,000,000 | City of Mishawaka IN, 5.1%, 1/1/32 (144A) | 1,010,970 |
| 5,890,000 | City of Mishawaka, Silver Birch Mishawaka Project, | |
| | 5.375%, 1/1/38 (144A) | 5,992,192 |
| 1,905,000 | City of Muncie, IN, Silver Birch Muncie Project, 5.05%, | |
| | 1/1/31 | 1,960,893 |
| 5,510,000 | City of Muncie, IN, Silver Birch Muncie Project, 5.25%, | |
| | 1/1/37 | 5,672,821 |
| 4,560,000 | City of Terre Haute IN, 5.35%, 1/1/38 | 4,662,737 |
| 4,000,000(b) | Hospital Authority of Vigo County, Union Hospital, | |
| | Inc., 8.0%, 9/1/41 | 4,000,000 |
| 7,500,000 | Indiana Finance Authority, 5.0%, 7/1/44 | 8,094,075 |
| 1,405,000 | Indiana Finance Authority, 5.0%, 7/1/48 | 1,513,831 |
| 1,705,000 | Indiana Finance Authority, 5.25%, 1/1/51 | 1,845,867 |
| 5,190,000 | Indiana Finance Authority, Educational Facilities, | |
| | 5.125%, 7/1/37 | 5,942,290 |
| 330,000 | Indiana Finance Authority, Multipurpose Educational | |
| | Facilities, Avondale Meadows Academy Project, | |
| | 5.375%, 7/1/47 | 380,295 |
| 1,940,000 | Indiana Finance Authority, Sanders Glen Project, | |
| | Series A, 4.25%, 7/1/43 | 1,841,487 |
| 2,020,000 | Indiana Finance Authority, Sanders Glen Project, | |
| | Series A, 4.5%, 7/1/53 | 1,931,120 |
| 11,985,000 | Indiana Housing & Community Development | |
| | Authority, 5.0%, 1/1/39 (144A) | 12,222,063 |
| 8,505,000 | Indiana Housing & Community Development | |
| | Authority, Evergreen Village Bloomington Project, | |
| | 5.5%, 1/1/37 | 8,654,858 |
| 5,000,000 | Indianapolis Local Public Improvement Bond Bank, | |
| | 5.0%, 2/1/54 | 6,140,950 |
| 8,000,000 | Town of Plainfield IN Multifamily Housing Revenue, | |
| | 5.375%, 9/1/38 | 8,108,960 |
| | Total Indiana | $ 138,811,332 |
| | Iowa — 1.2% | |
| 8,000,000 | Iowa Finance Authority, 4.75%, 8/1/42 | $ 8,091,280 |
| 4,000,000 | Iowa Tobacco Settlement Authority, 4.0%, 6/1/49 | 4,753,720 |
| 10,250,000 | Iowa Tobacco Settlement Authority, 4.0%, 6/1/49 | 11,867,245 |
| | Total Iowa | $ 24,712,245 |
| | Kansas — 0.7% | |
| 400,000 | Kansas Development Finance Authority, | |
| | 5.25%, 11/15/33 | $ 410,000 |
| 11,215,000 | Kansas Development Finance Authority, | |
| | 5.25%, 11/15/53 | 11,551,450 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 47
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Kansas — (continued) | |
| 2,000,000 | Kansas Development Finance Authority, | |
| | 5.5%, 11/15/38 | $ 2,060,540 |
| | Total Kansas | $ 14,021,990 |
| | Maryland — 0.3% | |
| 4,160,000 | Maryland Economic Development Corp., 5.0%, 3/31/41 | $ 4,867,034 |
| 900,000 | Maryland Health & Higher Educational Facilities | |
| | Authority, City Neighbors, Series A, 6.75%, 7/1/44 | 974,223 |
| | Total Maryland | $ 5,841,257 |
| | Massachusetts — 1.3% | |
| 11,500,000 | Massachusetts Development Finance Agency, | |
| | 5.0%, 7/1/50 | $ 18,148,380 |
| 4,500,000 | Massachusetts Development Finance Agency, | |
| | 5.125%, 11/15/46 (144A) | 5,041,620 |
| 765,000 | Massachusetts Development Finance Agency, | |
| | Adventcare Project, 7.625%, 10/15/37 | 382,500 |
| 2,000,000 | Massachusetts Development Finance Agency, | |
| | Adventcare Project, Series A, 6.75%, 10/15/37 | 1,460,000 |
| 1,250,000 | Massachusetts Development Finance Agency, | |
| | International Charter School, 5.0%, 4/15/40 | 1,359,087 |
| 723,826(c) | Massachusetts Development Finance Agency, | |
| | Linden Ponds, Inc., Series B, 11/15/56 | 716,190 |
| | Total Massachusetts | $ 27,107,777 |
| | Michigan — 2.8% | |
| 8,565,000 | David Ellis Academy-West, 5.25%, 6/1/45 | $ 9,121,554 |
| 1,250,000 | Flint Michigan Hospital Building Authority, Hurley | |
| | Medical Center, Series A, 5.25%, 7/1/39 | 1,323,325 |
| 5,485,000 | Flint Michigan International Academy, 5.75%, 10/1/37 | 5,485,000 |
| 60,000,000(c) | Michigan Finance Authority, 6/1/65 | 8,118,600 |
| 1,105,000 | Michigan Finance Authority, 5.0%, 6/1/40 | 1,426,555 |
| 2,000,000 | Michigan Finance Authority, 5.0%, 6/1/49 | 2,438,560 |
| 5,720,000 | Michigan Finance Authority, 5.75%, 4/1/40 | 6,579,602 |
| 7,125,000(e) | Michigan Strategic Fund, Michigan Department | |
| | Offices Lease Series B, 7.75%, 3/1/40 | 7,941,454 |
| 4,000,000(e) | Michigan Strategic Fund, Series B, 6.625%, 11/1/41 | 4,641,640 |
| 7,550,000 | University of Michigan, 5.0%, 4/1/50 | 9,741,991 |
| | Total Michigan | $ 56,818,281 |
| | Minnesota — 1.7% | |
| 4,210,000 | City of Bethel MN, 5.0%, 7/1/48 | $ 4,718,989 |
| 1,000,000 | City of Bethel MN, 5.0%, 7/1/53 | 1,120,070 |
| 2,600,000 | City of Brooklyn Park, Prairie Seeds Academy Project, | |
| | Series A, 5.0%, 3/1/34 | 2,788,136 |
| 2,000,000 | City of Brooklyn Park, Prairie Seeds Academy Project, | |
| | Series A, 5.0%, 3/1/39 | 2,132,760 |
| 3,515,000 | City of Deephaven MN, 5.0%, 7/1/55 | 3,980,456 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Minnesota — (continued) | |
| 400,000 | City of Deephaven, MN, Eagle Ridge Academy | |
| | Project, Series A, 5.25%, 7/1/37 | $ 455,452 |
| 1,500,000 | City of Deephaven, MN, Eagle Ridge Academy | |
| | Project, Series A, 5.5%, 7/1/50 | 1,702,950 |
| 1,500,000 | City of Rochester MN, 5.125%, 9/1/38 | 1,669,200 |
| 3,145,000 | City of Rochester MN, 5.25%, 9/1/43 | 3,528,533 |
| 6,080,000 | City of Rochester MN, 5.375%, 9/1/50 | 6,822,550 |
| 2,000,000 | Housing & Redevelopment Authority of The City of | |
| | St Paul Minnesota, Great River School Project, |
| | Series A, 5.5%, 7/1/52 (144A) | 2,319,700 |
| 1,415,000 | Housing & Redevelopment Authority of The City of | |
| | St. Paul Minnesota, Higher Ground Academy Project, | |
| | Series A, 5.125%, 12/1/38 | 1,463,959 |
| 1,300,000 | Housing & Redevelopment Authority of The City of | |
| | St. Paul Minnesota, St. Paul City School Project, | |
| | Series A, 5.0%, 7/1/36 | 1,422,798 |
| | Total Minnesota | $ 34,125,553 |
| | Missouri — 0.2% | |
| 300,000 | Kansas City Industrial Development Authority, | |
| | Series A, 4.25%, 4/1/26 (144A) | $ 317,181 |
| 1,000,000 | Kansas City Industrial Development Authority, | |
| | Series A, 5.0%, 4/1/36 (144A) | 1,058,170 |
| 2,300,000 | Kansas City Industrial Development Authority, | |
| | Series A, 5.0%, 4/1/46 (144A) | 2,409,043 |
| | Total Missouri | $ 3,784,394 |
| | Nevada — 0.0%† | |
| 4,000,000(c) | City of Reno NV, 7/1/58 (144A) | $ 591,000 |
| | Total Nevada | $ 591,000 |
| | New Jersey — 2.7% | |
| 975,000 | New Jersey Economic Development Authority, | |
| | 4.7%, 9/1/28 (144A) | $ 1,059,318 |
| 1,255,000 | New Jersey Economic Development Authority, | |
| | 5.25%, 10/1/38 (144A) | 1,454,357 |
| 565,000 | New Jersey Economic Development Authority, | |
| | 5.375%, 9/1/33 (144A) | 639,416 |
| 7,205,000 | New Jersey Economic Development Authority, | |
| | 5.375%, 10/1/50 (144A) | 8,311,472 |
| 1,140,000 | New Jersey Economic Development Authority, | |
| | 5.625%, 9/1/38 (144A) | 1,290,400 |
| 6,125,000 | New Jersey Economic Development Authority, | |
| | 5.75%, 9/1/50 (144A) | 6,874,822 |
| 1,215,000 | New Jersey Economic Development Authority, | |
| | Charter Hatikvah International Academy, |
| | 5.25%, 7/1/37 (144A) | 1,352,963 |
| 2,500,000 | New Jersey Economic Development Authority, | |
| | Charter Hatikvah International Academy, |
| | 5.375%, 7/1/47 (144A) | 2,801,000 |
| |
| The accompanying notes are an integral part of these financial statements. | |
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 49
Schedule of Investments | 8/31/21 (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | New Jersey — (continued) | | |
| 4,500,000 | New Jersey Health Care Facilities Financing Authority, | | |
| | St Peters University Hospital, 6.25%, 7/1/35 | $ 4,515,075 |
| 5,000,000 | New Jersey Turnpike Authority, 4.0%, 1/1/42 | | 5,931,400 |
| 18,605,000 | Tobacco Settlement Financing Corp., Series B, | | |
| | 5.0%, 6/1/46 | | 22,068,135 |
| | Total New Jersey | $ 56,298,358 |
| | New Mexico — 1.0% | | |
| 3,290,000 | County of Otero, NM, Otero County Jail Project, | | |
| | 9.0%, 4/1/23 | $ 3,248,875 |
| 16,040,000(e) | County of Otero, NM, Otero County Jail Project, | | |
| | 9.0%, 4/1/28 | | 15,839,500 |
| 1,750,000 | Lower Petroglyphs Public Improvement District, | | |
| | 5.0%, 10/1/48 | | 1,920,730 |
| | Total New Mexico | $ 21,009,105 |
| | New York — 12.7% | | |
| 425,000 | Buffalo & Erie County Industrial Land Development | | |
| | Corp., 5.0%, 10/1/28 (144A) | $ 480,722 |
| 4,150,000 | Buffalo & Erie County Industrial Land Development | | |
| | Corp., 5.0%, 10/1/38 (144A) | | 4,657,586 |
| 10,000,000(f) | Erie County Industrial Development Agency, Galvstar | | |
| | LLC Project, Series A, 9.25%, 10/1/30 | | 1,250,000 |
| 8,000,000(f) | Erie County Industrial Development Agency, Galvstar | | |
| | LLC Project, Series B, 9.25%, 10/1/30 | | 1,890,000 |
| 1,795,000(f) | Erie County Industrial Development Agency, Galvstar | | |
| | LLC, Series C, 9.25%, 10/1/30 | | 424,069 |
| 8,755,000 | Erie Tobacco Asset Securitization Corp, 5.0%, 6/1/45 | | 8,773,736 |
| 17,100,000(c) | Metropolitan Transportation Authority, 11/15/32 | | 13,713,174 |
| 9,000,000(c) | Metropolitan Transportation Authority, 11/15/33 | | 6,952,770 |
| 5,300,000 | Metropolitan Transportation Authority, 4.75%, 11/15/45 | | 6,364,982 |
| 1,870,000 | Metropolitan Transportation Authority, 5.0%, 11/15/25 | | 2,204,132 |
| 2,000,000 | Metropolitan Transportation Authority, 5.0%, 11/15/33 | | 2,443,320 |
| 3,000,000 | Metropolitan Transportation Authority, 5.0%, 11/15/43 | | 3,724,500 |
| 4,395,000 | Metropolitan Transportation Authority, 5.0%, 11/15/46 | | 5,073,544 |
| 9,500,000 | Metropolitan Transportation Authority, 5.0%, 11/15/48 | | 11,621,350 |
| 5,850,000 | Metropolitan Transportation Authority, 5.0%, 11/15/56 | | 6,813,553 |
| 17,000,000 | Metropolitan Transportation Authority, 5.25%, 11/15/55 | | 21,085,780 |
| 4,845,000 | Metropolitan Transportation Authority, 5.25%, 11/15/56 | | 5,662,109 |
| 21,410,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, | |
| | Series A-3, 5.0%, 6/1/35 | | 21,811,437 |
| 4,740,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, | |
| | Series A-3, 5.125%, 6/1/46 | | 4,828,875 |
| 605,000 | New York Counties Tobacco Trust IV, 5.0%, 6/1/42 | | 611,050 |
| 18,500,000 | New York Counties Tobacco Trust IV, 6.25%, | | |
| | 6/1/41 (144A) | | 20,097,290 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | New York — (continued) | |
| 13,120,000 | New York Counties Tobacco Trust IV, Series A, | |
| | 5.0%, 6/1/45 | $ 13,380,432 |
| 51,600,000(c) | New York Counties Tobacco Trust V, Capital | |
| | Appreciation Pass Through, Sub Series S-4A, |
| | 6/1/60 (144A) | 2,485,572 |
| 2,000,000 | New York Counties Tobacco Trust VI, 5.0%, 6/1/45 | 2,137,120 |
| 5,000,000 | New York State Urban Development Corp., | |
| | 4.0%, 3/15/39 | 5,950,250 |
| 4,445,000 | New York State Urban Development Corp., | |
| | 4.0%, 3/15/46 | 5,166,112 |
| 4,000,000 | New York Transportation Development Corp., | |
| | 4.375%, 10/1/45 | 4,726,200 |
| 5,000,000 | New York Transportation Development Corp., | |
| | 5.0%, 10/1/40 | 6,231,350 |
| 3,015,000 | Riverhead Industrial Development Agency, | |
| | 7.65%, 8/1/34 | 3,079,702 |
| 15,100,000 | Suffolk Tobacco Asset Securitization Corp., Capital | |
| | Appreciation, Series C, 6.625%, 6/1/44 | 15,788,258 |
| 9,030,000 | Suffolk Tobacco Asset Securitization Corp., Series B, | |
| | 6.0%, 6/1/48 | 9,043,726 |
| 14,000,000 | Triborough Bridge & Tunnel Authority, 5.0%, 5/15/51 | 18,003,580 |
| 3,000,000 | TSASC, Inc., 5.0%, 6/1/45 | 3,319,530 |
| 19,500,000 | TSASC, Inc., 5.0%, 6/1/48 | 21,416,850 |
| | Total New York | $ 261,212,661 |
| | Ohio — 3.6% | |
| 56,700,000 | Buckeye Tobacco Settlement Financing Authority, | |
| | 5.0%, 6/1/55 | $ 65,842,875 |
| 715,000 | Ohio Housing Finance Agency, 5.125%, 1/1/32 (144A) | 722,164 |
| 4,775,000 | Ohio Housing Finance Agency, Sanctuary Springboro | |
| | Project, 5.45%, 1/1/38 (144A) | 4,883,011 |
| 2,900,000 | Southeastern Ohio Port Authority, Refunding And | |
| | Improvement Memorial Health System, 6.0%, 12/1/42 | 2,983,636 |
| | Total Ohio | $ 74,431,686 |
| | Pennsylvania — 3.7% | |
| 200,000 | Chester County Industrial Development Authority, | |
| | 5.25%, 10/15/32 | $ 209,530 |
| 1,000,000 | Chester County Industrial Development Authority, | |
| | Collegium Charter School, Series A, 5.125%, 10/15/37 | 1,164,020 |
| 2,435,000 | Chester County Industrial Development Authority, | |
| | Collegium Charter School, Series A, 5.25%, 10/15/47 | 2,818,391 |
| 8,425,000 | Delaware County Industrial Development Authority, | |
| | Chester Charter School Arts Project, Series A, 5.125%, | |
| | 6/1/46 (144A) | 9,562,375 |
| 4,000,000 | Hospitals & Higher Education Facilities Authority of | |
| | Philadelphia, Temple University Health System, |
| | Series A, 5.625%, 7/1/42 | 4,175,760 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 51
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Pennsylvania — (continued) | |
| 1,030,000 | Philadelphia Authority for Industrial Development, | |
| | 5.0%, 11/15/31 | $ 1,171,079 |
| 1,570,000 | Philadelphia Authority for Industrial Development, | |
| | 5.0%, 3/15/45 (144A) | 1,747,803 |
| 8,295,000 | Philadelphia Authority for Industrial Development, | |
| | 5.0%, 11/15/50 | 9,093,974 |
| 1,660,000 | Philadelphia Authority for Industrial Development, | |
| | 5.125%, 6/1/38 (144A) | 1,885,411 |
| 3,500,000 | Philadelphia Authority for Industrial Development, | |
| | 5.25%, 6/1/48 (144A) | 3,957,415 |
| 4,370,000 | Philadelphia Authority for Industrial Development, | |
| | 5.375%, 6/1/53 (144A) | 4,937,707 |
| 9,435,000 | Philadelphia Authority for Industrial Development, | |
| | 5.5%, 6/1/49 (144A) | 10,398,030 |
| 4,055,000 | Philadelphia Authority for Industrial Development, | |
| | 2800 American Street Co. Project, Series A, 5.625%, | |
| | 7/1/48 (144A) | 4,614,996 |
| 2,200,000 | Philadelphia Authority for Industrial Development, | |
| | Greater Philadelphia Health Action, Inc. Project, |
| | Series A, 6.5%, 6/1/45 | 2,378,332 |
| 2,940,000 | Philadelphia Authority for Industrial Development, | |
| | Greater Philadelphia Health Action, Inc., Project, | |
| | Series A, 6.625%, 6/1/50 | 3,185,637 |
| 2,500,000 | Philadelphia Authority for Industrial Development, | |
| Green | Woods Charter School Project, Series A, |
| | 5.5%, 6/15/32 | 2,582,200 |
| 5,200,000 | Philadelphia Authority for Industrial Development, | |
| | Green Woods Charter School Project, Series A, |
| | 5.75%, 6/15/42 | 5,370,924 |
| 6,000,000(b) | Philadelphia Authority for Industrial Development, | |
| | Nueva Esperanze, Inc., 8.2%, 12/1/43 | 6,626,340 |
| | Total Pennsylvania | $ 75,879,924 |
| | Puerto Rico — 6.3% | |
| 42,400,000(d) | Commonwealth of Puerto Rico, 8.0%, 7/1/35 | $ 35,987,000 |
| 1,130,000 | Puerto Rico Electric Power Authority, 4.75%, 7/1/27 | 1,101,581 |
| 3,535,000 | Puerto Rico Electric Power Authority, 4.8%, 7/1/28 | 3,441,676 |
| 3,315,000 | Puerto Rico Electric Power Authority, 5.0%, 7/1/21 | 3,264,778 |
| 3,735,000 | Puerto Rico Electric Power Authority, 5.0%, 7/1/23 | 3,664,222 |
| 1,285,000 | Puerto Rico Electric Power Authority, 5.0%, 7/1/24 | 1,265,853 |
| 1,000,000 | Puerto Rico Electric Power Authority, 5.0%, 7/1/28 | 985,100 |
| 6,685,000 | Puerto Rico Electric Power Authority, 5.25%, 7/1/21 | 6,558,654 |
| 4,000,000 | Puerto Rico Highway & Transportation Authority, | |
| | 5.85%, 3/1/27 | 4,027,760 |
| 1,895,000 | Puerto Rico Industrial Tourist Educational Medical & | |
| | Envirml Ctl Facs Fing Auth, 5.2%, 7/1/24 | 1,925,756 |
| 45,000 | Puerto Rico Industrial Tourist Educational Medical & | |
| | Envirml Ctl Facs Fing Auth, 5.625%, 7/1/22 | 45,743 |
The accompanying notes are an integral part of these financial statements.
52 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Puerto Rico — (continued) | |
| 3,598,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax | |
| | Revenue, 4.75%, 7/1/53 | $ 4,127,122 |
| 19,958,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax | |
| | Revenue, 4.784%, 7/1/58 | 22,901,605 |
| 34,308,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax | |
| | Revenue, 5.0%, 7/1/58 | 39,670,340 |
| | Total Puerto Rico | $ 128,967,190 |
| | Rhode Island — 0.4% | |
| 2,065,000(f) | Central Falls Detention Facility Corp., 7.25%, 7/15/35 | $ 371,700 |
| 2,000,000(e) | Tender Option Bond Trust Receipts/Certificates, | |
| | RIB, 0.0%, 9/1/47 (144A) | 3,177,600 |
| 4,250,000 | Tobacco Settlement Financing Corp., Series B, | |
| | 5.0%, 6/1/50 | 4,705,812 |
| | Total Rhode Island | $ 8,255,112 |
| | Texas — 4.9% | |
| 640,000 | Arlington Higher Education Finance Corp., 3.5%, | |
| | 3/1/24 (144A) | $ 668,198 |
| 16,875,000 | Arlington Higher Education Finance Corp., 5.45%, | |
| | 3/1/49 (144A) | 19,785,938 |
| 135,000 | Arlington Higher Education Finance Corp., Universal | |
| | Academy, Series A, 5.875%, 3/1/24 | 146,677 |
| 525,000 | Arlington Higher Education Finance Corp., Universal | |
| | Academy, Series A, 6.625%, 3/1/29 | 580,744 |
| 375,000 | Arlington Higher Education Finance Corp., Universal | |
| | Academy, Series A, 7.0%, 3/1/34 | 418,504 |
| 7,030,000 | Arlington Higher Education Finance Corp., Universal | |
| | Academy, Series A, 7.125%, 3/1/44 | 7,879,575 |
| 4,935,000 | City of Austin TX Electric Utility Revenue, | |
| | 5.0%, 11/15/50 | 6,364,077 |
| 420,000 | City of Celina, TX, 5.5%, 9/1/24 | 438,257 |
| 1,040,000 | City of Celina, TX, 6.0%, 9/1/30 | 1,092,770 |
| 2,650,000 | City of Celina, TX, 6.25%, 9/1/40 | 2,784,143 |
| 5,000,000 | City of Houston TX Combined Utility System Revenue, | |
| | 4.0%, 11/15/49 | 5,917,950 |
| 9,760,000 | City of Houston TX Combined Utility System Revenue, | |
| | 5.0%, 11/15/45 | 12,498,168 |
| 3,335,000(e) | Greater Texas Cultural Education Facilities Finance | |
| | Corp., 9.0%, 2/1/33 (144A) | 3,415,007 |
| 16,755,000(e) | Greater Texas Cultural Education Facilities Finance | |
| | Corp., 9.0%, 2/1/50 (144A) | 17,926,510 |
| 100,000 | La Vernia Higher Education Finance Corp., 5.25%, | |
| | 8/15/35 (144A) | 110,817 |
| 2,000,000 | La Vernia Higher Education Finance Corp., Meridian | |
| | World School, Series A, 5.5%, 8/15/45 (144A) | 2,198,200 |
| 1,250,000 | New Hope Cultural Education Facilities Finance Corp., | |
| | Cardinal Bay, Inc., Village On The Park, 5.5%, 7/1/46 | 962,463 |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 53
Schedule of Investments | 8/31/21 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Texas — (continued) | |
| 1,000,000 | New Hope Cultural Education Facilities Finance Corp., | |
| | Cardinal Bay, Inc., Village On The Park, 5.75%, 7/1/51 | $ 770,770 |
| 75,000 | New Hope Cultural Education Facilities Finance Corp., | |
| | Cardinal Bay, Inc., Village On The Park, 6.0%, 7/1/26 | 64,574 |
| 1,350,000 | New Hope Cultural Education Facilities Finance Corp., | |
| | Cardinal Bay, Inc., Village On The Park, 7.0%, 7/1/51 | 1,239,678 |
| 1,700,000 | Newark Higher Education Finance Corp., 5.0%, 6/15/48 | 1,745,152 |
| 17,350,000(f) | Sanger Industrial Development Corp., Texas Pellets | |
| | Project, Series B, 8.0%, 7/1/38 | 4,272,438 |
| 8,142,447 | Tarrant County Cultural Education Facilities Finance | |
| | Corp., 5.75%, 12/1/54 | 8,719,251 |
| 1,000,000(e) | Texas Midwest Public Facility Corp., 0.0%, 12/1/30 | 552,000 |
| | Total Texas | $ 100,551,861 |
| | Virginia — 5.6% | |
| 3,000,000 | Ballston Quarter Community Development Authority, | |
| | Series A, 5.5%, 3/1/46 | $ 2,940,060 |
| 2,100,000 | Cherry Hill Community Development Authority, | |
| | Potomac Shores Project, 5.4%, 3/1/45 (144A) | 2,221,044 |
| 3,400,000 | County of Fairfax VA Sewer Revenue, 4.0%, 7/15/41 | 4,183,972 |
| 810,000 | Embrey Mill Community Development Authority, | |
| | 5.3%, 3/1/35 (144A) | 859,321 |
| 4,615,000 | Embrey Mill Community Development Authority, | |
| | 5.6%, 3/1/45 (144A) | 4,906,437 |
| 44,310,000 | Tobacco Settlement Financing Corp., Series B-1, | |
| | 5.0%, 6/1/47 | 44,786,332 |
| 14,000,000(c) | Tobacco Settlement Financing Corp./VA, 6/1/47 | 3,205,020 |
| 4,605,000 | Tobacco Settlement Financing Corp./VA, 5.2%, 6/1/46 | 4,733,295 |
| 22,045,000 | Tobacco Settlement Financing Corp./VA, | |
| | 6.706%, 6/1/46 | 23,285,031 |
| 13,225,000 | Virginia Small Business Financing Authority, | |
| | 5.0%, 1/1/40 | 13,413,589 |
| 925,000 | Virginia Small Business Financing Authority, | |
| | 5.0%, 1/1/44 | 938,237 |
| 10,000,000 | Virginia Small Business Financing Authority, | |
| | 5.0%, 7/1/49 | 10,134,600 |
| | Total Virginia | $ 115,606,938 |
| | Wisconsin — 2.1% | |
| 5,905,000 | Public Finance Authority, 5.0%, 10/1/48 | $ 6,901,646 |
| 2,660,000 | Public Finance Authority, 5.0%, 6/1/50 (144A) | 3,003,512 |
| 2,500,000 | Public Finance Authority, 5.375%, 6/1/52 | 2,658,550 |
| 775,000 | Public Finance Authority, Community School of | |
| | Davidson | |
| | Project, 5.0%, 10/1/33 | 926,420 |
| 1,590,000 | Public Finance Authority, Coral Academy Science | |
| | Las Vegas, 5.625%, 7/1/44 | 1,717,709 |
The accompanying notes are an integral part of these financial statements.
54 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Wisconsin — (continued) | |
| 9,310,000 | Public Finance Authority, Gardner Webb University, | |
| | 5.0%, 7/1/31 (144A) | $ 10,701,659 |
| 5,057,500 | Public Finance Authority, Las Ventanas Retirement | |
| | Community, 7.0%, 10/1/42 | 5,112,627 |
| 350,000 | Public Finance Authority, Lead Academy Project, | |
| | Series A, 4.25%, 8/1/26 (144A) | 384,881 |
| 2,000,000 | Public Finance Authority, Lead Academy Project, | |
| | Series A, 5.0%, 8/1/36 (144A) | 2,193,700 |
| 2,500,000 | Public Finance Authority, Lead Academy Project, | |
| | Series A, 5.125%, 8/1/46 (144A) | 2,742,300 |
| 500,000 | Public Finance Authority, SearStone CCRC Project, | |
| | Series A, 5.3%, 6/1/47 | 531,525 |
| 10,605,000(c)(f) | Public Finance Authority, Springshire Pre Development | |
| | Project, 12/1/20 (144A) | 1,060,500 |
| 1,245,000(b) | Public Finance Authority, Voyager Foundation, Inc., | |
| | Project, Series A, 5.125%, 10/1/45 | 1,312,267 |
| 2,815,000(b) | Public Finance Authority, Voyager Foundation, Inc., | |
| | Project, Series A, 6.2%, 10/1/42 | 2,999,748 |
| | Total Wisconsin | $ 42,247,044 |
| | TOTAL MUNICIPAL BONDS | |
| | (Cost $1,849,415,454) | $ 1,956,325,998 |
| | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 95.8% | |
| | (Cost $1,860,958,704) | $ 1,968,846,214 |
| | OTHER ASSETS AND LIABILITIES — 4.2% | $ 86,003,585 |
| | NET ASSETS — 100.0% | $ 2,054,849,799 |
| AGM | | Assured Guaranty Municipal Corp. |
| AMBAC | | American Municipal Bond Association Corporation. |
| RIB | | Residual Interest Bond is purchased in a secondary market. The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at August 31, 2021. |
| ST | | APPROP State Appropriations. |
| (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 August 31, 2021, the value of these securities amounted to $381,412,501, or 18.6% of net assets. |
| † | | Amount rounds to less than 0.1%. |
| (a) | | Consists of Revenue Bonds unless otherwise indicated. |
| (b) | | Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date. |
| (c) | | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (d) | | Represents a General Obligation Bond. |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 55
Schedule of Investments | 8/31/21 (continued)
| (e) | | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2021. |
| (f) | | Security is in default. |
| (g) | | The concentration of investments by type of obligation/market sector is as follows: |
| Revenue Bonds: | |
| Education Revenue | 23.8% |
| Tobacco Revenue | 19.5 |
| General Obligation | 16.8 |
| Development Revenue | 12.9 |
| Health Revenue | 12.2 |
| Transportation Revenue | 7.6 |
| Power Revenue | 2.5 |
| Water Revenue | 2.0 |
| Facilities Revenue | 1.4 |
| Other Revenue | 1.0 |
| Utilities Revenue | 0.3 |
| Pollution Control Revenue | 0.0† |
| | 100.0% |
| † | | Amount rounds to less than 0.1%. |
| # | | Securities are restricted as to resale. |
| | Acquisition | | |
| Restricted Securities | date | Cost | Value |
| United States Steel Corp. | 1/15/2021 | $4,152,558 | $ 4,336,216 |
| United States Steel Corp. | 1/20/2021 | 7,390,692 | 8,184,000 |
| Total Restricted Securities | | | $12,520,216 |
| % of Net Assets | | | 0.6% |
Purchases and sales of securities (excluding temporary cash investments) for the period ended August 31, 2021, aggregated $387,047,349 and $200,060,650, respectively.
The Portfolio 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 Portfolio’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the period ended August 31, 2021, the Portfolio did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
56 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining fair value of investments).
The following is a summary of the inputs used as of August 31, 2021, in valuing the Portfolio’s investments:
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Debtors in Possession Financing | | $ | — | | | $ | 12,520,216 | | | $ | — | | | $ | 12,520,216 | |
| Municipal Bonds | | | — | | | | 1,956,325,998 | | | | — | | | | 1,956,325,998 | |
| Total Investments in Securities | | $ | — | | | $ | 1,968,846,214 | | | $ | — | | | $ | 1,968,846,214 | |
During the period ended August 31, 2021, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 57
Statement of Assets and Liabilities | 8/31/21
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $1,860,958,704) | $1,968,846,214 |
| Cash | 60,640,362 |
| Receivables — | |
| Investment securities sold | 7,340,154 |
| Interest | 26,344,178 |
| Other assets | 1,636,500 |
| Total assets | $2,064,807,408 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 9,802,600 |
| Trustees’ fees | 14,470 |
| Accrued expenses | 140,539 |
| Total liabilities | $ 9,957,609 |
| NET ASSETS: | |
| Paid-in capital | $1,885,166,661 |
| Distributable earnings | 169,683,138 |
| Net assets | $2,054,849,799 |
The accompanying notes are an integral part of these financial statements.
58 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
Statement of Operations
FOR THE PERIOD FROM 12/21/20 TO 8/31/21*
| INVESTMENT INCOME: | | |
| Interest from unaffiliated issuers | $58,701,842 | |
| Total investment income | | $ 58,701,842 |
| EXPENSES: | | |
| Administrative expense | $ 111,199 | |
| Transfer agent fees | 11,173 | |
| Custodian fees | 16,500 | |
| Professional fees | 127,125 | |
| Printing expense | 25,425 | |
| Pricing fees | 36,650 | |
| Trustees’ fees | 36,100 | |
| Miscellaneous | 3,294 | |
| Total expenses | | $ 367,466 |
| Net investment income | | $ 58,334,376 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | | $ 3,461,252 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | | $ 54,564,035 |
| Net realized and unrealized gain (loss) on investments | | $ 58,025,287 |
| Net increase in net assets resulting from operations | | $116,359,663 |
* The Portfolio commenced operations on December 21, 2020.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 59
Statement of Changes in Net Assets
| | 12/21/20 |
| | to |
| | 8/31/21* |
| FROM OPERATIONS: | |
| Net investment income (loss) | $ 58,334,376 |
| Net realized gain (loss) on investments | 3,461,252 |
| Change in net unrealized appreciation (depreciation) on investments | 54,564,035 |
| Net increase in net assets resulting from operations | $ 116,359,663 |
| FROM CAPITAL TRANSACTIONS: | |
| Proceeds from contributions | $ 221,001,901 |
| Value of withdrawals | (43,510,000) |
| In-kind subscriptions | 1,760,998,235 |
| Net increase in net assets resulting from capital transactions | $1,938,490,136 |
| Net increase in net assets | $2,054,849,799 |
| NET ASSETS: | |
| Beginning of period | $ — |
| End of period | $2,054,849,799 |
| * The Portfolio commenced operations on December 21, 2020. | | |
The accompanying notes are an integral part of these financial statements.
60 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
Financial Highlights
| | 12/21/20 |
| | to |
| | 8/31/21* |
| Total return | 6.30%(a) |
| Ratio of net expenses to average net assets | 0.02%(b) |
| Ratio of net investment income (loss) to average net assets | 3.07%(b) |
| Portfolio turnover rate | 11%(a)(c) |
| Net assets, end of period (in thousands) | $2,054,850 |
| * | | The Portfolio commenced operations on December 21, 2020. |
| (c) | | The portfolio turn over rate excludes purchases and sales from the transfer of assets from Pioneer High Income Municipal Fund see note 1. |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 61
Notes to Financial Statements | 8/31/21
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Portfolio (the “Portfolio”) is a diversified series of Pioneer Core Trust I (the “Trust”), an open-end management investment company established as a Delaware statutory trust on October 14, 2020. The Portfolio is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Portfolio is to maximize total return through a combination of income that is exempt from regular federal income tax and capital appreciation.
The Declaration of Trust permits the Trustees to issue beneficial interests in the Portfolio. At August 31, 2021, all investors in the Portfolio were funds advised by the investment adviser of the Portfolio. At August 31, 2021, Pioneer High Income Municipal Fund owned approximately 99.999% of the Portfolio, and Pioneer MAP — High Income Municipal Fund owned approximately 0.001% of the Portfolio. On December 21, 2020, the Pioneer High Income Municipal Fund transferred all of its investable assets, with a cost basis of $1,707,664,760 and a value of $1,760,998,235, to the Portfolio in exchange for an interest in the Portfolio. The transaction was structured to qualify as a tax-free exchange of assets.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Portfolio’s placement agent (the “Placement Agent”). The Portfolio offers beneficial interests through the Placement Agent.
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Portfolio has adopted ASU 2018-13 for the period ended August 31, 2021. The impact to the Portfolio’s adoption was limited to changes in the Portfolio’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
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In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Portfolio’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 Portfolio 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 Portfolio 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 Portfolio in the preparation of its financial statements:
Investments are stated at value, 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,
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 63
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.
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 Portfolio’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 Portfolio 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 Portfolio’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 Portfolio’s securities may differ significantly from exchange prices, and such differences could be material.
At August 31, 2021, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
| B. | | Investment Income and Transactions |
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.
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The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities, futures and foreign currency transactions to its investors in proportion to their investment in the Portfolio.
The Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that the Portfolio’s assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code.
Management has analyzed the Portfolio’s tax positions taken on income tax returns for all open tax periods and has concluded that no provision for income tax is required in the Portfolio’s financial statements. For the period ended August 31, 2021, the Advisor has analyzed the Portfolio’s inventory of tax positions taken on with respect to all applicable income tax issues for all open tax periods (in each respective jurisdiction), and has concluded that no provision for income tax is required in the Portfolio's financial statements.
The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Portfolio.
At times, the Portfolio’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Portfolio’s investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
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The Portfolio invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Municipal securities may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress.
Financial difficulties of municipal issuers may continue or get worse. To the extent the Portfolio invests significantly in a single state, including California, Illinois, New York and Indiana, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, transportation, special revenues and pollution control, the Portfolio will be more susceptible to associated risks and developments.
The Portfolio’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates
66 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The effect of any changes to — or discontinuation of — LIBOR on the portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio’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 Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as Brown Brothers Harriman & Co., the Portfolio’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Portfolio’s transfer agent. In addition, many beneficial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Portfolio 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 Portfolio’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Portfolio’s ability to calculate its net asset value, impediments to trading, the inability of Portfolio investors to effect contributions or withdrawals from the Portfolio 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
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 67
covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Portfolio’s investments. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
The Portfolio’s registration statement on Form N-1A contains unaudited information regarding the Portfolio’s principal risks. Please refer to that document when considering the Portfolio’s principal risks.
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio at August 31, 2021 are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Portfolio’s portfolio. The Portfolio does not pay a management fee under the Portfolio’s investment advisory agreement with the Adviser.
68 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
3. Compensation of Trustees and Officers
The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. The Portfolio does not pay any salary or other compensation to its officers. For the period from December 21, 2020 (commencement of operations) through August 31, 2021, the Portfolio paid $36,100 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At August 31, 2021, the Portfolio had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $14,470.
4. Transfer Agent
Brown Brothers Harriman & Co. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables are shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 69
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Core Trust I and the Shareowners of
Pioneer High Income Municipal Portfolio:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer High Income Municipal Portfolio (the “Fund”) (one of the funds constituting Pioneer Core Trust I (the “Trust”)), including the schedule of investments, as of August 31, 2021, and the related statement of operations, the statement of changes in net assets and the financial highlights for the period from December 21, 2020 (commencement of operations) through August 31, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer High Income Municipal Portfolio (one of the funds constituting Pioneer Core Trust I) at August 31, 2021, and the results of its operations, the changes in its net assets and its financial highlights for the period from December 21, 2020 (commencement of operations) through August 31, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
70 Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 4, 2021
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 71
Statement Regarding Liquidity Risk Management Program
As required by law, the Portfolio has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Portfolio could not meet requests to effect withdrawals from the Portfolio without significant dilution of remaining investors’ interests in the Portfolio. The Portfolio’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 21, 2020 (commencement of operations) through December 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Portfolio’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Portfolio’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Portfolio’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Portfolio held less liquid and illiquid assets and the extent to which any such investments affected the Portfolio’s ability to meet withdrawal requests. In managing and reviewing the Portfolio’s liquidity risk, the Committee also considered the extent to which the Portfolio’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Portfolio uses borrowing for investment purposes, and the extent to which the Portfolio uses derivatives (including for hedging purposes). The Committee also reviewed the Portfolio’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Portfolio’s cash flow projections, the Committee considered, among other factors, historical net withdrawal activity, withdrawal policies, ownership concentration, and the degree of certainty associated with the Portfolio’s short-term and long-term cash flow projections. The Committee also considered the Portfolio’s holdings of cash and cash equivalents, as well as borrowing arrangements
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and other funding sources, including, if applicable, the Portfolio’s participation in a credit facility, as components of the Portfolio’s ability to meet withdrawal requests. The Portfolio has adopted an in-kind redemption policy which may be utilized to meet larger withdrawal requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Portfolio’s investments into one of four liquidity buckets. In reviewing the Portfolio’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Portfolio would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Portfolio primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Portfolio’s liquidity risk throughout the Reporting Period.
Pioneer High Income Municipal Portfolio | Annual Report | 8/31/21 73
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter/Placement Agent
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund/Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund/Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s and Portfolio’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund and Portfolio within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund and Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
74 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Independent Trustees
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (70) | Trustee since 2006. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (70) | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (64) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) (2012-2018); | |
| | trustee is elected or | Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice | |
| | earlier retirement | President Head of Product, BNY Mellon Investment Management (2007-2012); | |
| | or removal. | Executive Director- Product Strategy, Mellon Asset Management (2005-2007); | |
| | | Executive Vice President Head of Products, Marketing and Client Service, | |
| | | Dreyfus Corporation (investment management firm) (2000-2005); and Senior | |
| | | Vice President Strategic Product and Business Development, Dreyfus | |
| | | Corporation (1994-2000) | |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 75
Independent Trustees (continued)
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (77) | Trustee since 2008. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master Portfolio |
| | earlier retirement | | (oversaw 17 portfolios in fund |
| | or removal. | | complex) (1989 - 2008) |
| Craig C. MacKay (58) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Board Member of Carver Bancorp, |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | Inc. (holding company) and Carver |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield | Federal Savings Bank, NA (2017 – |
| | earlier retirement | Capital Markets Origination, SunTrust Robinson Humphrey (investment | present); Advisory Council Member, |
| | or removal. | bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY | MasterShares ETF (2016 – 2017); |
| | | Associates, LLC (investment bank) (1996 – 2003) | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board Co- |
| | | | Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
76 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (65) | Trustee since 2017. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) (1993 – 2001); | |
| | until a successor trustee | Vice President – Corporate Finance and Treasury Group, Citibank, N.A. | |
| | is elected or earlier | (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management | |
| | retirement or removal. | Group, Federal Farm Funding Corporation (government-sponsored issuer of | |
| | | debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman | |
| | | Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies | |
| | | Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (73) | Trustee since 2006. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); and President and Chief | Income Fund, Inc. (closed-end |
| | earlier retirement | Executive trustee is elected or Officer, Metric Financial Inc. (formerly known | investment company) (2004 – |
| | or removal. | as Newbury Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
| Fred J. Ricciardi (74) | Trustee since 2014. | Private investor (2020 – present); Consultant (investment company services) | None |
| Trustee | Serves until a successor | (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment | |
| | trustee is elected or | company services) (1969 – 2012); Director, BNY International Financing Corp. | |
| | earlier retirement | (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. | |
| | or removal. | (financial services) (2009 – 2012); Director, Financial Models (technology) | |
| | | (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment | |
| | | companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, | |
| | | Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative | |
| | | Investment Services, Inc. (financial services) (2005-2007) |
| |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 77
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (59)* | Trustee since 2017. | Director, CEO and President of Amundi US, Inc. (investment management | None |
| Trustee, President and | Serves until a successor | firm) (since September 2014); Director, CEO and President of Amundi Asset | |
| Chief Executive Officer | trustee is elected or | Management US, Inc. (since September 2014); Director, CEO and President of | |
| | earlier retirement | Amundi Distributor US, Inc. (since September 2014); Director, CEO and | |
| | or removal | President of Amundi Asset Management US, Inc. (since September 2014); | |
| | | Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset | |
| | | Management US, Inc. (September 2014 – 2018); Managing Director, Morgan | |
| | | Stanley Investment Management (investment management firm) (2010 – | |
| | | 2013); Director of Institutional Business, CEO of International, Eaton Vance | |
| | | Management (investment management firm) (2005 – 2010); and Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
| Kenneth J. Taubes (63)* | Trustee since 2014. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); | |
| | trustee is elected or | Director and Executive Vice President and Chief Investment Officer, U.S. of | |
| | earlier retirement | Amundi US (since 2008); Executive Vice President and Chief Investment | |
| | or removal | Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio | |
| | | Manager of Amundi US (since 1999); and Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| * | | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
78 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (56) | Since 2006. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of the | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; and Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (58) | Since 2010. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of the | Secretary of all the Pioneer Funds since June 2010; and Counsel of | |
| | Board | Amundi US from June 2007 to May 2013 | |
| Anthony J. Koenig, Jr. (57) | Since 2021. Serves at | Senior Vice President – Fund Treasury of Amundi US; Treasurer of all of the | None |
| Treasurer and Chief Financial | the discretion of the | Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer | |
| and Accounting Officer | Board | Funds from January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (56) | Since 2006. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer | None |
| Assistant Treasurer | the discretion of the | of all of the Pioneer Funds since 1999 | |
| | Board | | |
| Gary Sullivan (63) | Since 2006. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2002 | |
| | Board | | |
| Antonio Furtado (39) | Since 2020. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant | None |
| Assistant Treasurer | the discretion of the | Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury | |
| | Board | Analyst from 2012 - 2020 | |
Pioneer High Income Municipal Fund | Annual Report | 8/31/21 79
Fund Officers (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Michael Melnick (50) | Since July 2021. Serves | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | at the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of | |
| | the Board | Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of | |
| | | Amundi US from 2000 - 2001 | |
| John Malone (50) | Since 2018. Serves | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | at the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer Funds | |
| | the Board | since September 2018; and Chief Compliance Officer of Amundi Distributor | |
| | | US, Inc. since January 2014. | |
| Kelly O’Donnell (50) | Since 2006. Serves | Vice President – Amundi Asset Management; and Anti-Money Laundering | None |
| Anti-Money Laundering | at the discretion of | Officer of all the Pioneer Funds since 2006 | |
| Officer | the Board | | |
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84 Pioneer High Income Municipal Fund | Annual Report | 8/31/21
How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
| | |
| Call us for: | |
| Account Information, including existing accounts, | |
| new accounts, prospectuses, applications | |
| and service forms | 1-800-225-6292 |
| FactFoneSM for automated fund yields, prices, | |
| account information and transactions | 1-800-225-4321 |
| Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 219427
Kansas City, MO 64121-9427
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.com/us | |
This report must be preceded or accompanied by a prospectus.
Each of the Fund and Portfolio files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 21203-14-1021
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period covered by this report.
(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition
enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of trustees has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. Fred J. Ricciardi, an independent trustee, is such an audit committee financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Trust were $101,200 payable to Ernst & Young LLP for the year ended August 31, 2021 and $104,880 for the year ended August 31, 2020.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
There were no audit-related services in 2021 or 2020.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $30,450 and $25,149 during the fiscal years ended August 31, 2021 and 2020, respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
There were no other fees in 2021 or 2020.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and
other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
| | | |
| SECTION II - POLICY |
| |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
| | | |
| I. AUDIT SERVICES | Services that are directly | o Accounting research assistance |
| | related to performing the | o SEC consultation, registration |
| | independent audit of the Funds | statements, and reporting |
| | | o Tax accrual related matters |
| | | o Implementation of new accounting standards |
| | | o Compliance letters (e.g. rating agency letters) |
| | | o Regulatory reviews and assistance |
| | | regarding financial matters |
| | | o Semi-annual reviews (if requested) |
| | | o Comfort letters for closed end offerings |
| II. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures |
| SERVICES | prohibited under Rule | o Technology control assessments |
| | 210.2-01(C)(4) (the “Rule”) | o Financial reporting control assessments |
| | and are related extensions of | o Enterprise security architecture |
| | the audit services support the | assessment |
| | audit, or use the knowledge/expertise | |
| | gained from the audit procedures as a | |
| | foundation to complete the project. | |
| | In most cases, if the Audit-Related | |
| | Services are not performed by the | |
| | Audit firm, the scope of the Audit | |
| | Services would likely increase. | |
| | The Services are typically well-defined | |
| | and governed by accounting | |
| | professional standards (AICPA, | |
| | SEC, etc.) | |
| | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| o “One-time” pre-approval | o A summary of all such |
| for the audit period for all | services and related fees |
| pre-approved specific service | reported at each regularly |
| subcategories. Approval of the | scheduled Audit Committee |
| independent auditors as | meeting. |
| auditors for a Fund shall | |
| constitute pre approval for | |
| these services. | |
| |
| o “One-time” pre-approval | o A summary of all such |
| for the fund fiscal year within | services and related fees |
| a specified dollar limit | (including comparison to |
| for all pre-approved | specified dollar limits) |
| specific service subcategories | reported quarterly. |
| |
| o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limit for | |
| these services (see general | |
| Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
| o Specific approval is | |
| needed to use the Fund’s | |
| auditors for Audit-Related | |
| Services not denoted as | |
| “pre-approved”, or | |
| to add a specific service | |
| subcategory as “pre-approved” | |
| | | | |
SECTION III - POLICY DETAIL, CONTINUED
| | |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
| III. TAX SERVICES | Services which are not | o Tax planning and support |
| | prohibited by the Rule, | o Tax controversy assistance |
| | if an officer of the Fund | o Tax compliance, tax returns, excise |
| | determines that using the | tax returns and support |
| | Fund’s auditor to provide | o Tax opinions |
| | these services creates | |
| | significant synergy in | |
| | the form of efficiency, | |
| | minimized disruption, or | |
| | the ability to maintain a | |
| | desired level of | |
| | confidentiality. | |
| | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| o “One-time” pre-approval | o A summary of |
| for the fund fiscal year | all such services and |
| within a specified dollar limit | related fees |
| | (including comparison |
| | to specified dollar |
| | limits) reported |
| | quarterly. |
| |
| o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limits for | |
| these services (see general | |
| Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
| o Specific approval is | |
| needed to use the Fund’s | |
| auditors for tax services not | |
| denoted as pre-approved, or to | |
| add a specific service subcategory as | |
| “pre-approved” | |
SECTION III - POLICY DETAIL, CONTINUED
| |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
| | | SUBCATEGORIES |
| IV. OTHER SERVICES | Services which are not | o Business Risk Management support |
| | prohibited by the Rule, | o Other control and regulatory |
| A. SYNERGISTIC, | if an officer of the Fund | compliance projects |
| UNIQUE QUALIFICATIONS | determines that using the | |
| | Fund’s auditor to provide | |
| | these services creates | |
| | significant synergy in | |
| | the form of efficiency, | |
| | minimized disruption, | |
| | the ability to maintain a | |
| | desired level of | |
| | confidentiality, or where | |
| | the Fund’s auditors | |
| | posses unique or superior | |
| | qualifications to provide | |
| | these services, resulting | |
| | in superior value and | |
| | results for the Fund. | |
| | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| o “One-time” pre-approval | o A summary of |
| for the fund fiscal year within | all such services and |
| a specified dollar limit | related fees |
| | (including comparison |
| | to specified dollar |
| | limits) reported |
| | quarterly. |
| o Specific approval is | |
| needed to exceed the | |
| pre-approved dollar limits for | |
| these services (see general | |
| Audit Committee approval policy | |
| below for details on obtaining | |
| specific approvals) | |
| |
| o Specific approval is | |
| needed to use the Fund’s | |
| auditors for “Synergistic” or | |
| “Unique Qualifications” Other | |
| Services not denoted as | |
| pre-approved to the left, or to | |
| add a specific service | |
| subcategory as “pre-approved” | |
SECTION III - POLICY DETAIL, CONTINUED
| |
| SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
| | | SUBCATEGORIES |
| PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
| | in the auditors losing | related to the accounting records or |
| | independence status | financial statements of the audit |
| | under the Rule. | client* |
| | | 2. Financial information systems design |
| | | and implementation* |
| | | 3. Appraisal or valuation services, |
| | | fairness* opinions, or |
| | | contribution-in-kind reports |
| | | 4. Actuarial services (i.e., setting |
| | | actuarial reserves versus actuarial |
| | | audit work)* |
| | | 5. Internal audit outsourcing services* |
| | | 6. Management functions or human |
| | | resources |
| | | 7. Broker or dealer, investment |
| | | advisor, or investment banking services |
| | | 8. Legal services and expert services |
| | | unrelated to the audit |
| | | 9. Any other service that the Public |
| | | Company Accounting Oversight Board |
| | | determines, by regulation, is |
| | | impermissible |
| | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| o These services are not to be | o A summary of all |
| performed with the exception of the(*) | services and related |
| services that may be permitted | fees reported at each |
| if they would not be subject to audit | regularly scheduled |
| procedures at the audit client (as | Audit Committee meeting |
| defined in rule 2-01(f)(4)) level | will serve as continual |
| the firm providing the service. | confirmation that has |
| | not provided any |
| | restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended August 31, 2021 and 2020, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $30,450 and $25,149 during the fiscal years ended August 31, 2021 and 2020, respectively.
(h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:
(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below:
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 V
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date November 5, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date November 5, 2021
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer
Date November 5, 2021
* Print the name and title of each signing officer under his or her signature.
