Pioneer Flexible Opportunities Fund
Schedule of Investments | January 31, 2023
A: PMARX | C: PRRCX | K: FLEKX | R: MUARX | Y: PMYRX |
Schedule of Investments | 1/31/23
(Consolidated) (unaudited)
Shares | Value | |||||
UNAFFILIATED ISSUERS — 97.9% | ||||||
Common Stocks — 75.7% of Net Assets | ||||||
Aerospace & Defense — 2.5% | ||||||
18,055 | Curtiss-Wright Corp. | $ 2,993,519 | ||||
111,023 | Leonardo S.p.A. | 1,141,085 | ||||
4,728 | MTU Aero Engines AG | 1,176,042 | ||||
Total Aerospace & Defense | $5,310,646 | |||||
Airlines — 0.8% | ||||||
18,513(a) | Copa Holdings S.A., Class A | $ 1,704,677 | ||||
Total Airlines | $1,704,677 | |||||
Banks — 15.4% | ||||||
243,000 | Banco do Brasil S.A. | $ 1,948,289 | ||||
33(a) | Bank for Foreign Trade of Vietnam JSC | 129 | ||||
3,398,300 | Bank Mandiri Persero Tbk PT | 2,255,709 | ||||
3,969,500 | Bank Rakyat Indonesia Persero Tbk PT | 1,212,829 | ||||
107,599 | Bankinter S.A. | 774,383 | ||||
48,753 | BAWAG Group AG (144A) | 3,002,553 | ||||
520,194 | CaixaBank S.A. | 2,300,006 | ||||
24,466 | Comerica, Inc. | 1,793,602 | ||||
123,200 | DBS Group Holdings, Ltd. | 3,356,164 | ||||
2,854,623(a) | Eurobank Ergasias Services and Holdings S.A. | 3,848,220 | ||||
39,476 | Hana Financial Group, Inc. | 1,562,311 | ||||
144,599 | ING Groep NV | 2,083,225 | ||||
543,336 | NatWest Group Plc | 2,063,144 | ||||
1,814,000 | Postal Savings Bank of China Co., Ltd., Class H (144A) | 1,233,062 | ||||
56,800 | Sumitomo Mitsui Financial Group, Inc. | 2,466,359 | ||||
17,852(a)+ | TCS Group Holding Plc (G.D.R.) | 32,134 | ||||
30,771 | Truist Financial Corp. | 1,519,780 | ||||
44,700 | United Overseas Bank, Ltd. | 1,014,919 | ||||
Total Banks | $32,466,818 | |||||
Beverages — 0.5% | ||||||
124,755 | Coca-Cola Femsa S.A.B de CV | $ 949,120 | ||||
Total Beverages | $949,120 | |||||
Capital Markets — 3.8% | ||||||
87,669 | AllianceBernstein Holding LP | $ 3,323,532 | ||||
25,773 | Morgan Stanley | 2,508,486 | ||||
19,162 | Raymond James Financial, Inc. | 2,160,899 | ||||
Total Capital Markets | $7,992,917 |
1Pioneer Flexible Opportunities Fund | | 1/31/23
Shares | Value | |||||
Commercial Services & Supplies — 1.5% | ||||||
8,105 | Republic Services, Inc. | $ 1,011,666 | ||||
13,415 | Waste Management, Inc. | 2,075,703 | ||||
Total Commercial Services & Supplies | $3,087,369 | |||||
Communications Equipment — 1.0% | ||||||
43,405 | Cisco Systems, Inc. | $ 2,112,521 | ||||
Total Communications Equipment | $2,112,521 | |||||
Construction & Engineering — 0.4% | ||||||
6,974 | Vinci S.A. | $ 785,776 | ||||
Total Construction & Engineering | $785,776 | |||||
Diversified Financial Services — 0.7% | ||||||
562,398 | M&G Plc | $ 1,399,878 | ||||
Total Diversified Financial Services | $1,399,878 | |||||
Electric Utilities — 2.3% | ||||||
4,495 | Acciona S.A. | $ 874,727 | ||||
36,009 | Endesa S.A. | 715,219 | ||||
280,161 | Iberdrola S.A. | 3,272,680 | ||||
Total Electric Utilities | $4,862,626 | |||||
Electronic Equipment, Instruments & Components — 1.1% | ||||||
5,100 | Keyence Corp. | $ 2,322,652 | ||||
Total Electronic Equipment, Instruments & Components | $2,322,652 | |||||
Equity Real Estate Investment Trusts (REITs) — 2.0% | ||||||
1,124,200 | CapitaLand Ascendas Real Estate Investment Trust | $ 2,464,375 | ||||
536,400 | Frasers Centrepoint Trust | 906,385 | ||||
18,528 | SL Green Realty Corp. | 762,427 | ||||
Total Equity Real Estate Investment Trusts (REITs) | $4,133,187 | |||||
Food & Staples Retailing — 0.0%† | ||||||
23,507(a)+# | Magnit PJSC | $ 78,336 | ||||
Total Food & Staples Retailing | $78,336 | |||||
Food Products — 2.5% | ||||||
37,497 | Archer-Daniels-Midland Co. | $ 3,106,627 | ||||
34,348 | Mondelez International, Inc., Class A | 2,247,733 | ||||
Total Food Products | $5,354,360 |
Pioneer Flexible Opportunities Fund | | 1/31/232
Schedule of Investments | 1/31/23
(Consolidated) (unaudited) (continued)
Shares | Value | |||||
Gas Utilities — 1.2% | ||||||
488,986 | Snam S.p.A. | $ 2,484,704 | ||||
Total Gas Utilities | $2,484,704 | |||||
Health Care Equipment & Supplies — 1.4% | ||||||
6,882 | EssilorLuxottica S.A. | $ 1,256,188 | ||||
6,782(a) | Intuitive Surgical, Inc. | 1,666,270 | ||||
Total Health Care Equipment & Supplies | $2,922,458 | |||||
Health Care Providers & Services — 2.9% | ||||||
6,550 | Elevance Health, Inc. | $ 3,274,935 | ||||
5,876 | UnitedHealth Group, Inc. | 2,933,240 | ||||
Total Health Care Providers & Services | $6,208,175 | |||||
Hotels, Restaurants & Leisure — 0.6% | ||||||
84,400 | OPAP S.A. | $ 1,264,390 | ||||
Total Hotels, Restaurants & Leisure | $1,264,390 | |||||
Household Durables — 0.9% | ||||||
6,497 | DR Horton, Inc. | $ 641,189 | ||||
12,022 | Lennar Corp., Class A | 1,231,053 | ||||
Total Household Durables | $1,872,242 | |||||
Independent Power and Renewable Electricity Producers — 1.1% | ||||||
50,159 | RWE AG | $ 2,224,838 | ||||
Total Independent Power and Renewable Electricity Producers | $2,224,838 | |||||
Insurance — 13.2% | ||||||
273,000 | AIA Group, Ltd. | $ 3,082,985 | ||||
4,550 | Allianz SE | 1,084,280 | ||||
97,849 | ASR Nederland NV | 4,614,614 | ||||
444,302 | Aviva Plc | 2,496,132 | ||||
115,972 | AXA S.A. | 3,607,750 | ||||
158,500 | Ping An Insurance Group Co. of China, Ltd., Class H | 1,226,982 | ||||
344,829 | Poste Italiane S.p.A. (144A) | 3,668,584 | ||||
7,743 | Swiss Life Holding AG | 4,567,144 | ||||
7,159 | Zurich Insurance Group AG | 3,536,100 | ||||
Total Insurance | $27,884,571 | |||||
Internet & Direct Marketing Retail — 1.0% | ||||||
71,500 | JD.com, Inc., Class A | $ 2,111,859 | ||||
Total Internet & Direct Marketing Retail | $2,111,859 |
3Pioneer Flexible Opportunities Fund | | 1/31/23
Shares | Value | |||||
Life Sciences Tools & Services — 1.6% | ||||||
5,748 | Thermo Fisher Scientific, Inc. | $ 3,278,257 | ||||
Total Life Sciences Tools & Services | $3,278,257 | |||||
Mortgage Real Estate Investment Trusts (REITs) — 6.2% | ||||||
66,349 | Blackstone Mortgage Trust, Inc., Class A | $ 1,581,760 | ||||
80,842 | BrightSpire Capital, Inc. | 616,016 | ||||
58,806 | Great Ajax Corp. | 515,729 | ||||
210,455 | Ladder Capital Corp. | 2,357,096 | ||||
393,982 | Redwood Trust, Inc. | 3,293,689 | ||||
232,100 | Rithm Capital Corp. | 2,184,061 | ||||
124,546 | Starwood Property Trust, Inc. | 2,601,766 | ||||
Total Mortgage Real Estate Investment Trusts (REITs) | $13,150,117 | |||||
Oil, Gas & Consumable Fuels — 2.8% | ||||||
45,047+# | LUKOIL PJSC | $ 127,003 | ||||
87,406 | Marathon Oil Corp. | 2,401,043 | ||||
28,007 | TotalEnergies SE | 1,734,916 | ||||
67,902 | Woodside Energy Group, Ltd. | 1,737,892 | ||||
Total Oil, Gas & Consumable Fuels | $6,000,854 | |||||
Professional Services — 1.7% | ||||||
26,960 | Booz Allen Hamilton Holding Corp. | $ 2,551,495 | ||||
4,051 | Teleperformance | 1,123,031 | ||||
Total Professional Services | $3,674,526 | |||||
Real Estate Management & Development — 0.2% | ||||||
318 | KWG Living Group Holdings, Ltd. | $ 75 | ||||
342,000 | S-Enjoy Service Group Co., Ltd. | 367,683 | ||||
Total Real Estate Management & Development | $367,758 | |||||
Road & Rail — 0.4% | ||||||
30,037 | CSX Corp. | $ 928,744 | ||||
Total Road & Rail | $928,744 | |||||
Software — 0.9% | ||||||
12,501(a) | Palo Alto Networks, Inc. | $ 1,983,159 | ||||
Total Software | $1,983,159 | |||||
Specialty Retail — 0.5% | ||||||
84,632(a) | Watches of Switzerland Group Plc (144A) | $ 989,130 | ||||
Total Specialty Retail | $989,130 | |||||
Textiles, Apparel & Luxury Goods — 2.9% | ||||||
62,400 | Arezzo Industria e Comercio S.A. | $ 1,076,816 |
Pioneer Flexible Opportunities Fund | | 1/31/234
Schedule of Investments | 1/31/23
(Consolidated) (unaudited) (continued)
Shares | Value | |||||
Textiles, Apparel & Luxury Goods — (continued) | ||||||
4,525 | LVMH Moet Hennessy Louis Vuitton SE | $ 3,935,483 | ||||
402,900(a) | Samsonite International S.A. (144A) | 1,194,649 | ||||
Total Textiles, Apparel & Luxury Goods | $6,206,948 | |||||
Thrifts & Mortgage Finance — 1.5% | ||||||
46,079 | PennyMac Financial Services, Inc. | $ 3,106,646 | ||||
Total Thrifts & Mortgage Finance | $3,106,646 | |||||
Trading Companies & Distributors — 0.2% | ||||||
3,022 | Ferguson Plc | $ 430,151 | ||||
Total Trading Companies & Distributors | $430,151 | |||||
Total Common Stocks (Cost $142,125,357) | $159,650,410 | |||||
Principal Amount USD ($) | ||||||
Convertible Corporate Bonds — 1.6% of Net Assets | ||||||
Internet — 0.5% | ||||||
1,132,000(b) | Pinduoduo, Inc., 12/1/25 | $ 1,091,248 | ||||
Total Internet | $1,091,248 | |||||
REITs — 1.1% | ||||||
1,853,000 | PennyMac Corp., 5.50%, 3/15/26 | $ 1,681,597 | ||||
686,000 | Redwood Trust, Inc., 7.75%, 6/15/27 (144A) | 650,843 | ||||
Total REITs | $2,332,440 | |||||
Total Convertible Corporate Bonds (Cost $3,333,879) | $3,423,688 | |||||
Corporate Bonds — 0.9% of Net Assets | ||||||
Mining — 0.9% | ||||||
752,000 | Gold Fields Orogen Holdings BVI, Ltd., 6.125%, 5/15/29 (144A) | $ 771,910 | ||||
1,039,000 | Teck Resources, Ltd., 6.125%, 10/1/35 | 1,087,223 | ||||
Total Mining | $1,859,133 | |||||
Total Corporate Bonds (Cost $2,005,843) | $1,859,133 | |||||
5Pioneer Flexible Opportunities Fund | | 1/31/23
Shares | Value | |||||
Preferred Stock — 0.0%† of Net Assets | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.0%† | ||||||
204(a) | Wheeler Real Estate Investment Trust, Inc. | $ 13,729 | ||||
Total Equity Real Estate Investment Trusts (REITs) | $13,729 | |||||
Total Preferred Stock (Cost $167,705) | $13,729 | |||||
Principal Amount USD ($) | ||||||
Foreign Government Bonds — 1.9% of Net Assets | ||||||
Brazil — 0.5% | ||||||
1,286,000 | Brazilian Government International Bond, 5.000%, 1/27/45 | $ 1,005,687 | ||||
Total Brazil | $1,005,687 | |||||
Mexico — 0.5% | ||||||
MXN20,346,000 | Mexican Bonos, 7.500%, 6/3/27 | $ 1,027,138 | ||||
Total Mexico | $1,027,138 | |||||
Russia — 0.5% | ||||||
RUB260,822,000 | Russian Federal Bond - OFZ, 7.000%, 8/16/23 | $ 557,223 | ||||
RUB230,742,000 | Russian Federal Bond - OFZ, 8.150%, 2/3/27 | 492,959 | ||||
Total Russia | $1,050,182 | |||||
Uruguay — 0.4% | ||||||
647,611 | Uruguay Government International Bond, 7.875%, 1/15/33 | $ 812,292 | ||||
Total Uruguay | $812,292 | |||||
Total Foreign Government Bonds (Cost $9,547,918) | $3,895,299 | |||||
U.S. Government and Agency Obligations — 7.6% of Net Assets | ||||||
2,310,972 | U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/27 | $ 2,182,379 | ||||
3,328,300 | U.S. Treasury Notes, 0.250%, 9/30/23 | 3,230,661 | ||||
2,400,000 | U.S. Treasury Notes, 2.875%, 6/30/24 | 2,349,187 |
Pioneer Flexible Opportunities Fund | | 1/31/236
Schedule of Investments | 1/31/23
(Consolidated) (unaudited) (continued)
Principal Amount USD ($) | Value | |||||
U.S. Government and Agency Obligations — (continued) | ||||||
4,010,200 | U.S. Treasury Notes, 2.875%, 8/31/27 | $ 3,923,417 | ||||
4,837,700 | U.S. Treasury Notes, 3.000%, 8/15/52 | 4,280,609 | ||||
Total U.S. Government and Agency Obligations (Cost $15,818,595) | $15,966,253 | |||||
Shares | ||||||
Investment Companies — 3.0% of Net Assets | ||||||
93,522 | ETFMG Prime Cyber Security ETF | $ 4,295,465 | ||||
21,857 | FCF US Quality ETF | 1,061,595 | ||||
21,336 | Pacer US Cash Cows 100 ETF | 1,061,466 | ||||
Total Investment Companies (Cost $5,801,330) | $6,418,526 | |||||
SHORT TERM INVESTMENTS — 7.2% of Net Assets | ||||||
Open-End Fund — 7.2% | ||||||
15,239,480(c)(d) | Dreyfus Government Cash Management, Institutional Shares, 4.23% | $ 15,239,480 | ||||
$15,239,480 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $15,239,480) | $15,239,480 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.9% (Cost $194,040,107) | $206,466,518 | |||||
OTHER ASSETS AND LIABILITIES — 2.1% | $4,519,473 | |||||
net assets — 100.0% | $210,985,991 | |||||
7Pioneer Flexible Opportunities Fund | | 1/31/23
(G.D.R.) | Global Depositary Receipts. |
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 January 31, 2023, the value of these securities amounted to $11,510,731, or 5.5% of net assets. |
(a) | Non-income producing security. |
(b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(c) | Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2023. |
(d) | All or a portion of this security is held by Flexible Opportunities Commodity Fund Ltd. |
+ | Security is valued using significant unobservable inputs (Level 3). |
† | Amount rounds to less than 0.1%. |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
LUKOIL PJSC | 8/11/2021 | $3,941,439 | $127,003 |
Magnit PJSC | 12/1/2021 | 1,791,726 | 78,336 |
Total Restricted Securities | $205,339 | ||
% of Net assets | 0.1% |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
MXN | — Mexican Peso |
RUB | — Russia Ruble |
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.
Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
Pioneer Flexible Opportunities Fund | | 1/31/238
Schedule of Investments | 1/31/23
(Consolidated) (unaudited) (continued)
The following is a summary of the inputs used as of January 31, 2023, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Banks | $32,434,684 | $— | $32,134 | $32,466,818 |
Food & Staples Retailing | — | — | 78,336 | 78,336 |
Oil, Gas & Consumable Fuels | 5,873,851 | — | 127,003 | 6,000,854 |
All Other Common Stocks | 121,104,402 | — | — | 121,104,402 |
Convertible Corporate Bonds | — | 3,423,688 | — | 3,423,688 |
Corporate Bonds | — | 1,859,133 | — | 1,859,133 |
Preferred Stock | — | 13,729 | — | 13,729 |
Foreign Government Bonds | — | 3,895,299 | — | 3,895,299 |
U.S. Government and Agency Obligations | — | 15,966,253 | — | 15,966,253 |
Investment Companies | 6,418,526 | — | — | 6,418,526 |
Open-End Fund | 15,239,480 | — | — | 15,239,480 |
Total Investments in Securities | $181,070,943 | $25,158,102 | $237,473 | $206,466,518 |
During the period ended January 31, 2023, there were no significant transfers in or out of Level 3.
9Pioneer Flexible Opportunities Fund | | 1/31/23