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 811-21978
Pioneer Series Trust VI
(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: October 31, 2022
Date of reporting period: November 1, 2021 through April 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
Pioneer Floating Rate Fund
Semiannual Report | April 30, 2022
A: FLARX | C: FLRCX | Y: FLYRX |
visit us: www.amundi.com/us
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. With 2022 now well underway, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment. Volatility in the fixed-income markets has remained high and we have seen negative returns for most asset classes. Meanwhile, equity markets, both domestic and global, have experienced significant underperformance over the first several months of the year. Concerns over global supply chain issues, rising inflation, the enactment of less-accommodative monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
In our view, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
2 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
June 2022
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 3
Portfolio Management Discussion | 4/30/22
In the following interview, Jonathan Sharkey discusses the factors that influenced the bank-loan market and the performance of Pioneer Floating Rate Fund during the six-month period ended April 30, 2022. Mr. Sharkey, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund.
Q | How did the Fund perform during the six-month period ended April 30, 2022? |
A | Pioneer Floating Rate Fund’s Class A shares returned -0.21% at net asset value during the six-month period ended April 30, 2022, while the Fund’s benchmark, the Standard & Poor’s/Loan Syndications & Trading Association Leveraged Performing Loan Index (the S&P/LSTA Index), returned 0.61%. During the same period, the average return of the 238 mutual funds in Morningstar’s Bank Loan Funds category was -0.42%. |
Q | How would you describe the environment for investing in bank loans during the six-month period ended April 30, 2022? |
A | As the period opened in October 2021, the market appeared to shrug off concerns over the prospect of tighter Federal Reserve (Fed) monetary policy and the rapidly spreading Omicron variant of COVID-19. As a result, we saw solid performance for credit-sensitive categories of the fixed-income market, including bank loans. Late 2021 and early 2022 saw elevated leveraged finance activity and loan issuance, driven by both mergers and acquisitions as well as dividends* extracted by private-equity investors. Record levels of collateralized loan obligation (CLO) issuance and historically high flows into loan mutual funds supported loan valuations, leading to tighter spreads and strong performance. (Loan spreads are the interest rates over and above the London Interbank Offered Rate, or LIBOR rate, charged to borrowers by banks.) |
However, the first quarter of 2022 saw market sentiment dominated by increased geopolitical tensions, a worsening growth/inflation mix arising from a spike in commodity prices, and the prospect of rising interest rates due to changing policies of many central banks, which led to losses across most asset classes within fixed income.
Russia’s invasion of Ukraine in late February, together with US and European sanctions on Russia, led to sharp increases in energy, metals, and food prices, adding downside risk to real economic growth and adding upside risk to inflation. In addition, another round of lockdowns
* Distributions are not guaranteed.
4 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
in China in the wake of increasing COVID-19 infection rates exacerbated the existing supply chain disruptions and raised concerns about further risks to global economic growth.
At the same time, the Fed began to move away from its highly accommodative monetary policy stance. At its mid-March meeting, the Fed’s Open Market Committee (FOMC) raised the federal funds rate target range by a quarter-point, to 0.25% - 0.50%, and indicated that further increases in the benchmark overnight lending rate would follow rapidly. The Fed also formally ended its pandemic-era quantitative easing program and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities.
Against this changing backdrop, loan issuance ground to a halt amid a sharp sell-off and spreads widened to three-year highs, leading to steep losses in February across the broader loan market. For the full six months ended April 30, 2022, bank loans finished the period in marginally positive territory.
Q | What factors had the biggest effects on the Fund’s performance relative to the benchmark during the six-month period ended April 30, 2022? |
A | The Fund’s allocation across loan-rating categories, which tilted toward higher quality as compared with the benchmark’s loan components, was a slight positive contributor to relative performance during the period. However, that positive was more than offset by the negative effects of loan selection, which detracted from the Fund’s relative returns. |
By loan sector, the Fund’s selection results lagged the S&P/LSTA Index within health care, utilities, and chemicals/plastics, while an underweight to technology also weighed on relative returns. Conversely, an underweight to home furnishings, an underweight to, and selection results within, the radio and television sector, and selection results within industrial equipment proved additive to the Fund’s benchmark-relative performance for the six-month period.
We have typically maintained a modest out-of-benchmark exposure to high-yield corporate bonds in the Fund’s portfolio, both through investments in individual names as well as derivatives (see page 6 for further details), with the aim of helping to improve the risk/reward and liquidity profile of the portfolio. The non-benchmark allocation had a negative effect on relative returns during the six-month period, as the high-yield category notably underperformed bank loans. Finally, the
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 5
Fund’s somewhat elevated cash position proved to be a headwind to benchmark-relative performance. Early in the period, the larger cash position owed mainly to rapid investor inflows. Later on, however, we maintained the position in order to be able to meet any unexpected, large redemptions.
With regard to individual portfolio positions, detractors from the Fund’s relative returns during the period included an overweight to the loans for utility Eastern Power Group, as investors remained concerned that electricity demand from New York City would not recover fully from the pandemic. Exposure to the loans for physician group Envision Healthcare also detracted from the Fund’s benchmark-relative performance, as the company undertook a restructuring that was less favorable to creditors. The loans for kitchenware manufacturer Corelle Brands likewise lagged and detracted from the Fund’s relative returns for the period, as supply-chain issues and higher freight costs weighed on the company’s results. Finally, investors’ sentiment with respect to the bonds for Mohegan Gaming in Connecticut suffered during the six-month period as the company refinanced other debt. In addition, Mohegan has been facing increased competition with the issuance of three new casino licenses in neighboring New York State.
On the positive side, the Fund’s overweight to auto component and assembly solution provider Autokiniton aided benchmark-relative performance, as the company began to work through its supply-chain issues concerning semiconductors. Market sentiment with respect to the loans for office supply chain Staples improved during the period as workers continued to return to the office, thus bolstering supply orders. In a similar reopening theme, point-of-sale technology manufacturer Verifone has seen its results boosted from increased in-store transaction volumes. The Fund’s position in Verifone aided relative performance for the period. Finally, exposure to technology company DTI Holdings benefited the Fund’s benchmark-relative performance for the six-month period, as the company has been experiencing improved operating results, which enabled it to refinance its loans.
Q | Did the Fund have any exposure to derivative securities during the six-month period ended April 30, 2022? If so, did the derivatives have any material effect on performance? |
A | Yes, we invested the Fund in index-based high-yield bond and investment-grade bond credit-default swap contracts to gain tactical credit exposure within the portfolio, while maintaining liquidity to meet shareholder redemptions. The use of the derivatives detracted from the Fund’s relative returns as credit-sensitive securities underperformed over the six-month period. |
6 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Q | Did the Fund’s distributions* to shareholders change during the six-month period ended April 30, 2022? |
A | The Fund’s monthly distribution rate began and ended the six-month period at the same level, recovering from a reduction in the distribution rate during the December 2021 to March 2022 period. |
Q | What is your investment outlook? |
A | The default rate on loans for the 12 months ended April 30, 2022, was 0.18% by loan volume (as measured by S&P/LSTA), incrementally above the record low set in 2007 and well below the historical average of slightly under 3%. The default rate by number of issuers was 0.26%, tying the record low of 2007. In addition, recovery rates for loans have exceeded those for their high-yield corporate bond counterparts in recent years. The default rate on loans held in the Fund’s portfolio has remained below that of the market, given our bias towards investing in higher-quality loans as compared with the benchmark and the loan market overall. |
While we believe it may prove challenging for the Fed to achieve a “soft” economic landing as it works to try to bring inflation back down to its stated long-term target of 2%, we maintain a constructive view on the loan market for the next several quarters. We do not anticipate the economy’s entering recession in the near-to-intermediate term. As such, the outlook for federal funds rate target-range increases should be supportive of bank loans, in our view, due to the floating-rate feature of loans as well as their generally low interest-rate sensitivity. In addition, historical trends suggest that loan defaults typically have not increased for nine to 12 months following the initiation of a Fed rate-hiking cycle. Of course, historical precedent does not guarantee future outcomes. The outlook for continued below average loan-default rates is supported, in our opinion, by interest-coverage ratios for borrowers that have been more favorable than when the economy was entering the 2008-2009 financial crisis, or at the onset of the COVID-19 pandemic in the spring of 2020.
Finally, the loan market has continued to trade at a discount to par (face) value, thus creating the potential for capital appreciation. We will continue to maintain a focus on quality when picking investments for the Fund, as well as careful evaluation of individual loans under consideration for inclusion in the portfolio.
* | Distributions are not guaranteed. |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 7
Please refer to the Schedule of Investments on pages 16–47 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
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.
Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative. Below-investment-grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher-rated debt securities. The Fund may invest in high-yield securities of any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating-rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating-rate investments.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
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.
8 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Portfolio Diversification
(As a percentage of total investments)*
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Invesco Senior Loan ETF | 1.11% |
2. | SPDR Blackstone Senior Loan ETF | 0.94 |
3. | Traverse Midstream Partners LLC, Advance, Term Loan, 5.25% | |
(Term SOFR + 425 bps), 9/27/24 | 0.84 | |
4. | Staples, Inc., 2019 Refinancing New Term B-2 Loan, Term Loan, | |
4.817% (LIBOR + 450 bps), 9/12/24 | 0.81 | |
5. | Garda World Security Corp., Term B-2 Loan, Term Loan, 4.92% | |
(LIBOR + 425 bps), 10/30/26 | 0.77 | |
6. | First Brands Group LLC, First Lien 2021 Term Loan, Term Loan, 6.00% | |
(Term SOFR + 500 bps), 3/30/27 | 0.77 | |
7. | Altice France SA, USD TLB-13 Incremental Term Loan, Term Loan, | |
4.506% (LIBOR + 400 bps), 8/14/26 | 0.74 | |
8. | athenahealth, Inc., Initial Term Loan, 4.009% (Term SOFR + 350 bps), 2/15/29 | 0.68 |
9. | ProFrac Holdings II, LLC, Term Loan, 9.603% (Term SOFR + 850 bps), 3/4/25 | 0.65 |
10. | Rackspace Technology Global, Inc., First Lien 2021 Term B Loan, | |
Term Loan, 3.50% (LIBOR + 275 bps), 2/15/28 | 0.62 |
* | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 9
Prices and Distributions | 4/30/22
Net Asset Value per Share
Class | 4/30/22 | 10/31/21 |
A | $6.40 | $6.51 |
C | $6.45 | $6.57 |
Y | $6.46 | $6.58 |
Distributions per Share: 11/1/21–4/30/22
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.0963 | $ — | $ — |
C | $0.0719 | $ — | $ — |
Y | $0.1074 | $ — | $ — |
Index Definitions
The S&P/LSTA Leveraged Performing Loan Index provides broad and comprehensive total return metrics of the U.S. universe of syndicated term loans. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 11–13.
10 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Floating Rate Fund at public offering price during the periods shown, compared to that of the S&P/LSTA Leveraged Performing Loan Index.
Average Annual Total Returns | |||
(As of April 30, 2022) | |||
Net | Public | S&P/LSTA | |
Asset | Offering | Leveraged | |
Value | Price | Performing | |
Period | (NAV) | (POP) | Loan Index |
10 years | 3.08% | 2.61% | 4.48% |
5 years | 2.65 | 1.71 | 4.16 |
1 year | 1.53 | -3.09 | 3.06 |
Expense Ratio | |
Per prospectus dated March 1, 2022 | |
Gross | Net |
1.26% | 1.05% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP returns reflect deduction of maximum 4.50% sales charge. NAV 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 March 1, 2023, for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus 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 Floating Rate Fund | Semiannual Report | 4/30/22 11
Performance Update | 4/30/22 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Floating Rate Fund during the periods shown, compared to that of the S&P/LSTA Leveraged Performing Loan Index.
Average Annual Total Returns | |||
(As of April 30, 2022) | |||
S&P/LSTA | |||
Leveraged | |||
If | If | Performing | |
Period | Held | Redeemed | Loan Index |
10 years | 2.39% | 2.39% | 4.48% |
5 years | 2.00 | 2.00 | 4.16 |
1 year | 0.76 | -0.22 | 3.06 |
Expense Ratio |
Per prospectus dated March 1, 2022 |
Gross |
1.86% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the five- and 10-year periods. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Floating Rate Fund during the periods shown, compared to that of the S&P/LSTA Leveraged Performing Loan Index.
Average Annual Total Returns | ||
(As of April 30, 2022) | ||
Net | S&P/LSTA | |
Asset | Leveraged | |
Value | Performing | |
Period | (NAV) | Loan Index |
10 years | 3.51% | 4.48% |
5 years | 3.11 | 4.16 |
1 year | 1.87 | 3.06 |
Expense Ratio | |
Per prospectus dated March 1, 2022 | |
Gross | Net |
0.81% | 0.75% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class 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 March 1, 2023, for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
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 Floating Rate Fund | Semiannual Report | 4/30/22 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $1,000 = 8.6
(2) | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on actual returns from November 1, 2021 through April 30, 2022.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||
Ending Account | $997.90 | $992.60 | $998.10 |
Value (after expenses) | |||
on 4/30/22 | |||
Expenses Paid | $5.20 | $8.70 | $3.72 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.05%, 1.76%, and 0.75% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). |
14 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Floating Rate Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2021 through April 30, 2022.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||
Ending Account | $1,019.59 | $1,016.07 | $1,021.08 |
Value (after expenses) | |||
on 4/30/22 | |||
Expenses Paid | $5.26 | $8.80 | $3.76 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.05%, 1.76%, and 0.75% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period). |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 15
Schedule of Investments | 4/30/22 (unaudited)
Principal | ||
Amount USD ($) | Value | |
UNAFFILIATED ISSUERS — 105.5% | ||
SENIOR SECURED FLOATING RATE LOAN | ||
INTERESTS — 84.3% of Net Assets*(a) | ||
Advanced Materials — 0.7% | ||
1,657,107 | Gemini HDPE LLC, 2027 Advance, 3.50% (LIBOR + | |
300 bps),12/31/27 | $ 1,653,171 | |
2,581,993 | Groupe Solmax, Inc., Initial Term Loan, 5.756% (LIBOR + | |
475 bps),5/29/28 | 2,522,284 | |
Total Advanced Materials | $ 4,175,455 | |
Advertising Sales — 0.3% | ||
1,954,899 | Clear Channel Outdoor Holdings, Inc., Term B Loan, 4.264% | |
(LIBOR + 350 bps),8/21/26 | $ 1,914,580 | |
Total Advertising Sales | $ 1,914,580 | |
Advertising Services — 0.6% | ||
2,102,531 | CB Poly Investments LLC, First Lien Closing Date Term Loan, | |
6.00% (LIBOR + 450 bps),8/16/23 | $ 2,099,247 | |
1,496,250 | Dotdash Meredith, Inc., Term Loan B, 4.50% (SOFR + | |
400 bps),12/1/28 | 1,485,652 | |
Total Advertising Services | $ 3,584,899 | |
Aerospace & Defense — 1.3% | ||
1,377,500 | ADS Tactical, Inc., Initial Term Loan, 6.75% (LIBOR + | |
575 bps),3/19/26 | $ 1,329,288 | |
961,492 | Jazz Acquisition, Inc., First Lien Initial Term Loan, | |
5.01% (LIBOR + 425 bps), 6/19/26 | 936,253 | |
1,800,000(b) | Propulsion (BC) Midco SARL, Term Loan, 2/10/29 | 1,791,000 |
1,090,023 | Spirit AeroSystems, Inc., (fka Mid-Western Aircraft | |
Systems, Inc. and Onex Wind Finance LP.), 2021 | ||
Refinancing Term Loan, 4.514% (LIBOR + | ||
375 bps), 1/15/25 | 1,089,827 | |
2,270,315 | WP CPP Holdings, LLC, First Lien Initial Term Loan, | |
4.99% (LIBOR + 375 bps), 4/30/25 | 2,146,866 | |
Total Aerospace & Defense | $ 7,293,234 | |
Air Pollution Control Equipment — 0.2% | ||
1,240,625 | Madison IAQ LLC, Initial Term Loan, 4.524% (LIBOR + | |
325 bps), 6/21/28 | $ 1,209,920 | |
Total Air Pollution Control Equipment | $ 1,209,920 | |
Airlines — 1.4% | ||
775,000 | AAdvantage Loyalty IP, Ltd. (American Airlines, Inc.), | |
Initial Term Loan, 5.813% (LIBOR + 475 bps), 4/20/28 | $ 789,693 | |
1,605,000 | Air Canada, Term Loan, 4.25% (LIBOR + 350 bps), 8/11/28 | 1,592,561 |
836,755 | American Airlines, Inc., 2017 Class B Term Loan, 2.84% | |
(LIBOR + 200 bps), 12/15/23 | 829,852 | |
2,793,816 | American Airlines, Inc., 2018 Replacement Term Loan, | |
2.448% (LIBOR + 175 bps), 6/27/25 | 2,701,271 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Airlines — (continued) | ||
485,000 | LATAM Airlines Group S.A., Tranche A Facility, 8.234% | |
(Term SOFR + 750 bps), 8/8/22 | $ 488,516 | |
500,000 | Mileage Plus Holdings LLC (Mileage Plus Intellectual | |
Property Assets, Ltd.), Initial Term Loan, 6.25% | ||
(LIBOR + 525 bps), 6/21/27 | 519,500 | |
260,000 | SkyMiles IP, Ltd. (Delta Air Lines, Inc.), Initial Term Loan, | |
4.75% (LIBOR + 375 bps), 10/20/27 | 269,028 | |
742,500 | United AirLines, Inc., Class B Term Loan, 4.50% | |
(LIBOR + 375 bps), 4/21/28 | 738,684 | |
Total Airlines | $ 7,929,105 | |
Airport Development & Maintenance — 0.3% | ||
1,995,000 | KKR Apple Bidco LLC, First Lien Initial Term Loan, | |
3.764% (LIBOR + 300 bps), 9/22/28 | $ 1,978,078 | |
Total Airport Development & Maintenance | $ 1,978,078 | |
Apparel Manufacturers — 0.4% | ||
1,985,000 | BK LC Lux SPV S.a r.l., Facility B, 3.75% (LIBOR + | |
325 bps), 4/28/28 | $ 1,934,547 | |
296,257 | Canada Goose, Inc., 2021 Refinancing Term Loan, | |
4.506% (LIBOR + 350 bps), 10/7/27 | 295,054 | |
Total Apparel Manufacturers | $ 2,229,601 | |
Appliances — 0.4% | ||
733,333(b) | Osmosis Buyer Limited, Incremental Term Loan B, 7/31/28 | $ 722,944 |
1,000,000 | Osmosis Buyer Limited, Initial Term B Loan, 4.25% | |
(Term SOFR + 375 bps), 7/31/28 | 987,917 | |
405,710 | Weber-Stephen Products LLC, Initial Term B Loan, | |
4.014% (LIBOR + 325 bps), 10/30/27 | 393,945 | |
Total Appliances | $ 2,104,806 | |
Applications Software — 0.8% | ||
1,250,000 | EP Purchaser LLC, First Lien Closing Date Term Loan, | |
4.506% (LIBOR + 350 bps), 11/6/28 | $ 1,248,549 | |
2,532 | Flexera Software LLC, First Lien Term B-1 Loan, 4.50% | |
(LIBOR + 375 bps), 3/3/28 | 2,516 | |
1,962,500 | Loyalty Ventures, Inc., Term B Loan, 5.264% (LIBOR + | |
450 bps), 11/3/27 | 1,918,344 | |
1,741,250 | RealPage, Inc., First Lien Initial Term Loan, 4.014% | |
(LIBOR + 325 bps), 4/24/28 | 1,717,743 | |
Total Applications Software | $ 4,887,152 | |
Auction House & Art Dealer — 0.3% | ||
1,488,750 | Sotheby's, 2021 Second Refinancing Term Loan, | |
5.544% (LIBOR + 450 bps), 1/15/27 | $ 1,490,301 | |
Total Auction House & Art Dealer | $ 1,490,301 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 17
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Auto Parts & Equipment — 2.6% | ||
694,750 | Adient US LLC, Term B-1 Loan, 4.014% (LIBOR + | |
325 bps), 4/10/28 | $ 691,855 | |
773,830 | American Axle & Manufacturing, Inc., Tranche B Term | |
Loan, 3.00% (LIBOR + 225 bps), 4/6/24 | 773,185 | |
1,513,562 | Autokiniton US Holdings, Inc., (aka L&W, Inc.) Closing | |
Date Term B Loan, 5.00% (LIBOR + 450 bps), 4/6/28 | 1,494,643 | |
4,099,951(c) | First Brands Group LLC, First Lien 2021 Term Loan, | |
6.00% (Term SOFR + 500 bps), 3/30/27 | 4,098,242 | |
2,072,773 | IXS Holdings, Inc., Initial Term Loan, 5.00% (LIBOR + | |
425 bps), 3/5/27 | 1,930,269 | |
686,913 | Superior Industries International, Inc., Replacement | |
Term Loan, 4.764% (LIBOR + 400 bps), 5/22/24 | 677,468 | |
2,346,515(c) | TI Group Automotive Systems, LLC, Refinancing US | |
Term Loan, 4.256% (LIBOR + 325 bps), 12/16/26 | 2,331,849 | |
1,207,917 | Visteon Corp., 2018 New Term Loan, 2.258% (LIBOR + | |
175 bps), 3/25/24 | 1,193,951 | |
1,990,000 | Wheel Pros, Inc., First Lien Initial Term Loan, 5.25% | |
(LIBOR + 450 bps), 5/11/28 | 1,864,630 | |
Total Auto Parts & Equipment | $ 15,056,092 | |
Auto Repair Centers — 0.2% | ||
1,300,000 | Driven Holdings, LLC, 2021 Term Loan, 3.517% (LIBOR + | |
300 bps), 12/17/28 | $ 1,288,625 | |
Total Auto Repair Centers | $ 1,288,625 | |
Auto-Truck Trailers — 1.0% | ||
3,483,719 | American Trailer World Corp., First Lien Initial Term | |
Loan, 4.30% (Term SOFR + 350 bps), 3/3/28 | $ 3,257,277 | |
611,111 | Novae LLC, Delayed Draw Term Loan, 5.919% (Term | |
SOFR + 500 bps), 12/22/28 | 604,236 | |
2,138,889 | Novae LLC, Tranche B Term Loan, 5.75% (Term SOFR + | |
500 bps), 12/22/28 | 2,114,826 | |
Total Auto-Truck Trailers | $ 5,976,339 | |
Beverages — 0.1% | ||
666,667(c) | Naked Juice LLC, First Lien Initial Term Loan, 4.001% | |
(Term SOFR + 325 bps), 1/24/29 | $ 655,139 | |
Total Beverages | $ 655,139 | |
Broadcast Service & Programing — 0.3% | ||
1,500,000 | Univision Communications, Inc., First Lien Initial Term | |
Loan, 4.014% (LIBOR + 325 bps), 1/31/29 | $ 1,487,625 | |
Total Broadcast Service & Programing | $ 1,487,625 | |
Building & Construction — 0.5% | ||
595,520 | DG Investment Intermediate Holdings 2, Inc., First Lien | |
Closing Date Initial Term Loan, 4.264% (LIBOR + | ||
350 bps), 3/31/28 | $ 595,024 | |
8,830 | Refficiency Holdings LLC, 2021 Initial DDTL, 4.514% | |
(LIBOR + 375 bps), 12/16/27 | 8,771 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Building & Construction — (continued) | ||
1,667,000 | Refficiency Holdings LLC, 2021 Initial Term Loan, 4.514% | |
(LIBOR + 375 bps), 12/16/27 | $ 1,655,886 | |
686,387 | Service Logic Acquisition, Inc., First Lien Closing Date | |
Initial Term Loan, 5.005% (LIBOR + 400 bps), 10/29/27 | 677,807 | |
Total Building & Construction | $ 2,937,488 | |
Building & Construction Products — 1.1% | ||
1,474,924 | Cornerstone Building Brands, Inc., Tranche B Term Loan, | |
3.804% (LIBOR + 325 bps), 4/12/28 | $ 1,389,194 | |
2,985,237(c) | CP Atlas Buyer, Inc., Term B Loan, 4.514% (LIBOR + | |
375 bps), 11/23/27 | 2,809,589 | |
833,333 | CP Iris Holdco I, Inc., First Lien Initial Term Loan, 4.264% | |
(LIBOR + 350 bps), 10/2/28 | 819,010 | |
1,237,500 | Potters Industries, LLC, Initial Term Loan, 5.006% | |
(LIBOR + 400 bps), 12/14/27 | 1,231,312 | |
Total Building & Construction Products | $ 6,249,105 | |
Building Production — 2.2% | ||
997,500 | Chariot Buyer LLC., First Lien Initial Term Loan, 4.506% | |
(LIBOR + 350 bps), 11/3/28 | $ 981,446 | |
979,857 | CHI Doors Holdings Corp., First Lien Third Amendment | |
Initial Term Loan, 4.50% (LIBOR + 350 bps), 7/31/25 | 974,958 | |
1,250,000 | Griffon Corp., Term B Loan, 3.267% (Term SOFR + | |
275 bps), 1/24/29 | 1,241,250 | |
2,500,000(b) | MI Windows & Doors, Inc., Initial Term Loan Retired | |
01/19/2022, 12/18/27 | 2,487,112 | |
2,500,000(b) | MI Windows and Doors, Inc., 12/18/27 | 2,483,438 |
2,000,000(b) | Oscar AcquisitionCo LLC, Term B Loan, 4/29/29 | 1,917,500 |
1,037,400 | Pelican Products, Inc., First Lien Initial Term Loan, | |
5.256% (LIBOR + 425 bps), 12/29/28 | 1,019,246 | |
1,645,875 | Vector WP HoldCo., Inc. (Vector Canada Acquisition | |
ULC), Initial Term B Loan, 5.75% (LIBOR + 500 bps), 10/12/28 | 1,623,244 | |
Total Building Production | $ 12,728,194 | |
Building-Heavy Construction — 0.8% | ||
1,492,500 | Aegion Corp., Initial Term Loan, 5.50% (LIBOR + | |
475 bps), 5/17/28 | $ 1,482,239 | |
2,484,991 | Artera Services LLC, First Lien Tranche B Term Loan, | |
4.506% (LIBOR + 350 bps), 3/6/25 | 2,335,891 | |
995,000 | Osmose Utilities Services, Inc., 4.014% (LIBOR + | |
325 bps), 6/23/28 | 983,185 | |
Total Building-Heavy Construction | $ 4,801,315 | |
Building-Maintenance & Service — 0.1% | ||
746,250 | ArchKey Holdings, Inc., First Lien Initial Term Loan, | |
6.489% (LIBOR + 525 bps), 6/29/28 | $ 738,788 | |
Total Building-Maintenance & Service | $ 738,788 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 19
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Cable & Satellite Television — 1.3% | ||
1,488,750 | Cable One, Inc., Incremental Term B-4 Loan, 2.764% | |
(LIBOR + 200 bps), 5/3/28 | $ 1,477,584 | |
1,320,421 | Charter Communications Operating, LLC, Term B-2 Loan, | |
2.52% (LIBOR + 175 bps), 2/1/27 | 1,306,061 | |
859,500 | DIRECTV Financing LLC, Closing Date Term Loan, 5.764% | |
(LIBOR + 500 bps), 8/2/27 | 857,262 | |
1,995,000 | Radiate Holdco LLC, Amendment No. 6 Term Loan, | |
4.014% (LIBOR + 325 bps), 9/25/26 | 1,971,310 | |
1,045,876 | Virgin Media Bristol LLC, N Facility, 3.054% (LIBOR + | |
250 bps), 1/31/28 | 1,032,221 | |
1,015,000 | Ziggo Financing Partnership, Term Loan I Facility, | |
3.054% (LIBOR + 250 bps), 4/30/28 | 997,026 | |
Total Cable & Satellite Television | $ 7,641,464 | |
Casino Hotels — 0.8% | ||
985,000 | Caesars Resort Collection LLC, Term B-1 Loan, 4.264% | |
(LIBOR + 350 bps), 7/21/25 | $ 984,076 | |
1,469,309 | Caesars Resort Collection, LLC, Term B Loan, 3.514% | |
(LIBOR + 275 bps), 12/23/24 | 1,464,217 | |
2,250,000 | Century Casinos, Inc., Term B Facility Loan, 6.75% (Term | |
SOFR + 600 bps), 4/2/29 | 2,248,126 | |
Total Casino Hotels | $ 4,696,419 | |
Casino Services — 1.1% | ||
895,288 | Everi Holdings, Inc., Term B Loan, 3.008% (LIBOR + | |
250 bps), 8/3/28 | $ 890,252 | |
559,111 | Flutter Entertainment plc, USD Term Loan, 3.256% | |
(LIBOR + 225 bps), 7/21/26 | 556,626 | |
1,741,250 | J&J Ventures Gaming LLC, Initial Term Loan, 4.764% | |
(LIBOR + 400 bps), 4/26/28 | 1,719,485 | |
2,975,000(c) | Lucky Bucks LLC, Initial Term Loan, 6.25% (LIBOR + | |
550 bps), 7/30/27 | 2,934,094 | |
Total Casino Services | $ 6,100,457 | |
Cellular Telecom — 1.9% | ||
3,934,022 | Altice France SA, USD TLB-13 Incremental Term Loan, | |
4.506% (LIBOR + 400 bps), 8/14/26 | $ 3,913,125 | |
1,446,348 | CCI Buyer, Inc., First Lien Initial Term Loan, 4.75% (Term | |
SOFR + 400 bps), 12/17/27 | 1,425,782 | |
2,481,250 | Gogo Intermediate Holdings LLC, Initial Term Loan, | |
4.989% (LIBOR + 375 bps), 4/30/28 | 2,460,159 | |
3,241,250(c) | Xplornet Communications, Inc., First Lien Refinancing | |
Term Loan, 4.764% (LIBOR + 400 bps), 10/2/28 | 3,187,568 | |
Total Cellular Telecom | $ 10,986,634 | |
Chemicals-Diversified — 1.3% | ||
1,740,860 | ARC Falcon I Inc., Initial Term Loan, 4.514% (LIBOR + | |
375 bps), 9/30/28 | $ 1,696,903 | |
1,741,250 | Geon Performance Solutions LLC (Fka. Echo US Holdings, | |
LLC), Initial Term Loan, 5.514% (LIBOR + 475 bps), 8/18/28 | 1,739,616 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Chemicals-Diversified — 1.3% | ||
1,130,000 | Hexion Holdings Corporation, First Lien Initial Term | |
Loan, 5.022% (Term SOFR + 450 bps), 3/15/29 | $ 1,094,405 | |
1,000,000 | Ineos US Finance LLC, 2028 Dollar Term Loan, 3.50% | |
(LIBOR + 250 bps), 11/8/28 | 992,500 | |
352,800 | Innophos Holdings, Inc., Initial Term Loan, 4.514% | |
(LIBOR + 375 bps), 2/5/27 | 351,918 | |
775,000 | LSF11 A5 HoldCo LLC, Term Loan, 4.315% (SOFR + | |
350 bps), 10/15/28 | 763,569 | |
995,000 | Orion Engineered Carbons GmbH, 2021 Initial Dollar | |
Term Loan, 3.256% (LIBOR + 225 bps), 9/24/28 | 985,672 | |
Total Chemicals-Diversified | $ 7,624,583 | |
Chemicals-Specialty — 1.7% | ||
1,881,000 | Cpc Acquisition Corp., First Lien Initial Term Loan, 4.756% | |
(LIBOR + 375 bps), 12/29/27 | $ 1,786,950 | |
997,500 | Diamond (BC) BV, Amendment No. 3 Refinancing Term | |
Loan, 3.989% (LIBOR + 275 bps), 9/29/28 | 965,829 | |
1,240,641 | Herens US Holdco Corp., USD Facility B, 5.006% | |
(LIBOR + 400 bps), 7/3/28 | 1,206,523 | |
1,113,792 | LSF11 Skyscraper Holdco S.a r.l. USD Facility B3, 4.506% | |
(LIBOR + 350 bps), 9/29/27 | 1,107,527 | |
1,001,068 | Nouryon USA LLC, Initial Dollar Term Loan, 4.006% | |
(LIBOR + 300 bps), 10/1/25 | 988,555 | |
1,845,375 | Olympus Water US Holding Corporation, Initial Dollar | |
Term Loan, 4.813% (LIBOR + 375 bps), 11/9/28 | 1,816,377 | |
1,500,000(b) | Tronox Finance LLC, First Lien 2022 Incremental Term | |
Loan, 4/4/29 | 1,496,250 | |
433,988 | Tronox Finance LLC, First Lien Refinancing Term Loan, | |
3.256% (LIBOR + 225 bps), 3/10/28 | 430,632 | |
Total Chemicals-Specialty | $ 9,798,643 | |
Commercial Services — 0.2% | ||
939,397 | APi Group DE, Inc., Initial Term Loan, 3.264% (LIBOR + | |
250 bps), 10/1/26 | $ 935,141 | |
Total Commercial Services | $ 935,141 | |
Commercial Services — 1.7% | ||
997,500 | AEA International Holdings (Luxembourg) S.a.r.l., First | |
Lien Initial Term Loan, 4.813% (LIBOR + 375 bps), 9/7/28 | $ 996,253 | |
1,400,000 | Amentum Government Services Holdings LLC, First | |
Lien Tranche 3 Term Loan, 4.777% (Term SOFR + | ||
400 bps), 2/15/29 | 1,394,313 | |
2,985,000 | CoreLogic, Inc. (fka First American Corporation), First | |
Lien Initial Term Loan, 4.313% (LIBOR + 350 bps), 6/2/28 | 2,813,362 | |
891,022 | Indy US Bidco LLC, 2021 Refinancing Dollar Term Loan, | |
4.514% (LIBOR + 375 bps), 3/6/28 | 887,867 | |
925,000 | Pre-Paid Legal Services, Inc., First Lien Initial Term Loan, | |
4.514% (LIBOR + 375 bps), 12/15/28 | 915,654 | |
868,468 | Trans Union LLC, 2021 Incremental Term B-6 Loan, | |
3.014% (LIBOR + 225 bps), 12/1/28 | 860,375 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 21
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Commercial Services — (continued) | ||
493,750 | TruGreen LP, First Lien Second Refinancing Term Loan, | |
4.764% (LIBOR + 400 bps), 11/2/27 | $ 492,670 | |
1,777,430 | Verscend Holding Corp., Term B-1 Loan, 4.764% (LIBOR + | |
400 bps), 8/27/25 | 1,776,042 | |
Total Commercial Services | $ 10,136,536 | |
Communications Software — 0.2% | ||
997,500 | Mavenir Systems, Inc., Initial Term Loan, 5.25% (LIBOR + | |
475 bps), 8/18/28 | $ 992,513 | |
Total Communications Software | $ 992,513 | |
Computer Data Security — 0.8% | ||
2,189,000 | Magenta Buyer LLC, First Lien Initial Term Loan, 6.23% | |
(LIBOR + 500 bps), 7/27/28 | $ 2,167,110 | |
2,390,494 | Vision Solutions, Inc. (Precisely Software Incorporated), | |
First Lien Third Amendment Term Loan, 5.184% (LIBOR + | ||
400 bps), 4/24/28 | 2,362,107 | |
Total Computer Data Security | $ 4,529,217 | |
Computer Services — 0.9% | ||
893,250 | Ahead DB Holdings LLC, First Lien Term B Loan, 4.76% | |
(LIBOR + 375 bps), 10/18/27 | $ 889,622 | |
496,250 | Maximus, Inc., Tranche B Term Loan, 2.813% (LIBOR + | |
200 bps), 5/28/28 | 494,389 | |
3,152,629 | Peraton Corp., First Lien Term B Loan, 4.514% (LIBOR + | |
375 bps), 2/1/28 | 3,135,459 | |
995,000 | Sitel Group, Initial Dollar Term Loan, 4.52% (LIBOR + | |
375 bps), 8/28/28 | 986,916 | |
Total Computer Services | $ 5,506,386 | |
Computer Software — 2.0% | ||
1,400,000 | Cornerstone OnDemand, Inc., First Lien Initial Term Loan, | |
4.514% (LIBOR + 375 bps), 10/16/28 | $ 1,383,375 | |
2,743,003 | Help/Systems Holdings, Inc., First Lien Seventh | |
Amendment Refinancing Loan, 4.813% (Term SOFR + | ||
400 bps), 11/19/26 | 2,724,144 | |
1,492,462 | Idera, Inc., First Lien Term B-1 Loan, 4.52% (LIBOR + | |
375 bps), 3/2/28 | 1,476,418 | |
2,700,000 | McAfee Corp., Tranche B-1 Term Loan, 4.50% (Term | |
SOFR + 400 bps), 3/1/29 | 2,655,450 | |
3,366,000 | Rackspace Technology Global, Inc., First Lien 2021 | |
Term B Loan, 3.50% (LIBOR + 275 bps), 2/15/28 | 3,292,369 | |
Total Computer Software | $ 11,531,756 | |
Computers-Integrated Systems — 0.7% | ||
1,092,798 | Atlas CC Acquisition Corp., First Lien Term B Loan, 5.00% | |
(LIBOR + 425 bps), 5/25/28 | $ 1,084,603 | |
222,264 | Atlas CC Acquisition Corp., First Lien Term C Loan, 5.00% | |
(LIBOR + 425 bps), 5/25/28 | 220,597 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Computers-Integrated Systems — (continued) | ||
2,969,231 | VeriFone Systems, Inc., First Lien Initial Term Loan, 4.498% | |
(LIBOR + 400 bps), 8/20/25 | $ 2,919,125 | |
Total Computers-Integrated Systems | $ 4,224,325 | |
Consulting Services — 1.1% | ||
2,933,893 | Ankura Consulting Group LLC, First Lien Closing Date | |
Term Loan, 5.25% (Term SOFR + 450 bps), 3/17/28 | $ 2,921,667 | |
1,213,420 | MAG DS Corp., Initial Term Loan, 6.506% (LIBOR + | |
550 bps), 4/1/27 | 1,131,515 | |
2,444,628 | Vistra Group Holdings (BVI) II, Ltd., First Lien 2020 Dollar | |
Term Loan, 4.75% (LIBOR + 375 bps), 10/27/25 | 2,426,293 | |
Total Consulting Services | $ 6,479,475 | |
Consumer Products — 0.3% | ||
2,076,250 | Instant Brands Holdings, Inc., Initial Loan, 5.75% (LIBOR + | |
500 bps), 4/12/28 | $ 1,920,531 | |
Total Consumer Products | $ 1,920,531 | |
Containers-Paper & Plastic — 1.5% | ||
989,975 | Charter Next Generation, Inc., First Lien 2021 Initial Term | |
Loan, 4.514% (LIBOR + 375 bps), 12/1/27 | $ 986,185 | |
596,467 | Graham Packaging Co., Inc., 2021 Initial Term Loan, | |
3.764% (LIBOR + 300 bps), 8/4/27 | 584,687 | |
814,687 | Pactiv Evergreen Group Holdings, Inc., Tranche B-2 U.S. | |
Term Loan, 4.014% (LIBOR + 325 bps), 2/5/26 | 794,660 | |
1,243,750 | Pregis TopCo LLC, First Lien Third Amendment Refinancing | |
Term Loan, 4.764% (LIBOR + 400 bps), 7/31/26 | 1,223,539 | |
982,412 | Pregis TopCo, LLC, First Lien Initial Term Loan, 4.764% | |
(LIBOR + 400 bps), 7/31/26 | 965,987 | |
2,177,934 | ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, | |
4.50% (LIBOR + 375 bps), 11/3/25 | 2,150,165 | |
1,124,449 | Trident TPI Holdings, Inc., Tranche B-1 Term Loan, | |
4.256% (LIBOR + 325 bps), 10/17/24 | 1,120,388 | |
1,002,107 | Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loan, | |
4.764% (LIBOR + 400 bps), 9/15/28 | 991,460 | |
89,346 | Trident TPI Holdings, Inc., Tranche B-3 Term Loan, | |
4.764% (LIBOR + 400 bps), 9/15/28 | 88,397 | |
Total Containers-Paper & Plastic | $ 8,905,468 | |
Cosmetics & Toiletries — 0.9% | ||
995,000 | Conair Holdings LLC, First Lien Initial Term Loan, 4.756% | |
(LIBOR + 375 bps), 5/17/28 | $ 975,473 | |
2,664,467 | Parfums Holding Co., Inc., First Lien Initial Term Loan, | |
4.764% (LIBOR + 400 bps), 6/30/24 | 2,645,483 | |
1,470,150 | Sunshine Luxembourg VII S.a r.l. Facility B3, 4.756% | |
(LIBOR + 375 bps), 10/1/26 | 1,460,144 | |
Total Cosmetics & Toiletries | $ 5,081,100 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 23
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Cruise Lines — 0.1% | ||
736,875 | Carnival Corp., Initial Advance, 3.75% (LIBOR + | |
300 bps), 6/30/25 | $ 727,480 | |
Total Cruise Lines | $ 727,480 | |
Data Processing & Management — 0.3% | ||
1,450,000(b) | DTI Holdco, Inc., First Lien Initial Term Loan, 4/26/29 | $ 1,424,625 |
333,333 | Dun & Bradstreet Corp., 2022 Incremental Term B-2 Loan, | |
3.919% (Term SOFR + 325 bps), 1/18/29 | 331,458 | |
Total Data Processing & Management | $ 1,756,083 | |
Diagnostic Equipment — 0.7% | ||
1,379,146 | Avantor Funding, Inc., 2021 Incremental B-5 Dollar Term | |
Loan, 3.014% (LIBOR + 225 bps), 11/8/27 | $ 1,371,905 | |
2,507,376 | Curia Global, Inc., First Lien 2021 Term Loan, 4.989% | |
(LIBOR + 375 bps), 8/30/26 | 2,496,093 | |
Total Diagnostic Equipment | $ 3,867,998 | |
Dialysis Centers — 0.4% | ||
1,462,500 | U.S. Renal Care, Inc., Initial Term Loan, 5.764% (LIBOR + | |
500 bps), 6/26/26 | $ 1,315,032 | |
995,000 | US Renal Care, Inc., 2021 Incremental Term Loan, 6.50% | |
(LIBOR + 550 bps), 6/26/26 | 917,265 | |
Total Dialysis Centers | $ 2,232,297 | |
Disposable Medical Products — 0.5% | ||
1,750,000 | Medline Borrower, LP, Initial Dollar Term Loan, 4.014% | |
(LIBOR + 325 bps), 10/23/28 | $ 1,722,359 | |
1,200,000 | Sotera Health Holdings, LLC, First Lien Refinancing Loan, | |
3.514% (LIBOR + 275 bps), 12/11/26 | 1,191,000 | |
Total Disposable Medical Products | $ 2,913,359 | |
Distribution & Wholesale — 1.6% | ||
1,400,000 | AIP RD Buyer Corp., First Lien Term Loan B, 4.75% | |
(SOFR + 425 bps), 12/22/28 | $ 1,390,084 | |
1,381,381 | Core & Main LP, Tranche B Term Loan, 3.198% (LIBOR + | |
250 bps), 7/27/28 | 1,360,660 | |
1,832,812 | Dealer Tire LLC, Term B-1 Loan, 5.014% (LIBOR + | |
425 bps), 12/12/25 | 1,832,812 | |
2,992,208 | Patriot Container Corp. (aka Wastequip), First Lien | |
Closing Date Term Loan, 4.75% (LIBOR + 375 bps), 3/20/25 | 2,857,558 | |
1,750,000 | Pearls Bidco B.V. (Netherlands), Facility B (USD), 4.669% | |
(Term SOFR + 400 bps), 2/26/29 | 1,730,313 | |
Total Distribution & Wholesale | $ 9,171,427 | |
E-Commerce — 1.0% | ||
445,500 | CNT Holdings I Corp., First Lien Initial Term Loan, 4.25% | |
(LIBOR + 350 bps), 11/8/27 | $ 441,379 | |
2,135,294(c) | Olaplex, Inc., Initial Term Loan, 4.799% (Term SOFR + | |
375 bps), 2/23/29 | 2,135,294 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
E-Commerce — (continued) | ||
2,500,000(b) | TA TT Buyer LLC, First Lien Initial Term Loan, 4/2/29 | $ 2,475,000 |
753,303 | Trader Corp., First Lien 2017 Refinancing Term Loan, | |
4.00% (LIBOR + 300 bps), 9/28/23 | 751,420 | |
Total E-Commerce | $ 5,803,093 | |
Electric-Generation — 0.6% | ||
2,075,054 | Eastern Power, LLC (Eastern Covert Midco, LLC), Term | |
Loan, 4.756% (LIBOR + 375 bps), 10/2/25 | $ 1,518,465 | |
786,000 | Hamilton Projects Acquiror LLC, Term Loan, 5.506% | |
(LIBOR + 450 bps), 6/17/27 | 785,087 | |
916,897 | Vistra Operations Company LLC (fka Tex Operations | |
Company LLC), 2018 Incremental Term Loan, 2.304% | ||
(LIBOR + 175 bps), 12/31/25 | 906,009 | |
Total Electric-Generation | $ 3,209,561 | |
Electric-Integrated — 0.3% | ||
977,496 | Constellation Renewables, LLC, Loan, 3.50% (LIBOR + | |
250 bps), 12/15/27 | $ 976,122 | |
982,500 | PG&E Corp., Term Loan, 3.813% (LIBOR + 300 bps), 6/23/25 | 971,037 |
Total Electric-Integrated | $ 1,947,159 | |
Electronic Composition — 0.7% | ||
714,219 | Compass Power Generation, L.L.C., Tranche B-2 Term | |
Loan, 5.364% (Term SOFR + 425 bps), 4/14/29 | $ 700,382 | |
2,095,998 | Energy Acquisition LP, First Lien Initial Term Loan, 5.014% | |
(LIBOR + 425 bps), 6/26/25 | 2,031,808 | |
1,444,540 | Natel Engineering Co., Inc., Initial Term Loan, 7.743% | |
(LIBOR + 625 bps), 4/30/26 | 1,410,834 | |
Total Electronic Composition | $ 4,143,024 | |
Electronics-Military — 0.3% | ||
1,500,000(b) | Cobham Ultra US Co.-Borrower LLC, Term Loan, 11/17/28 | $ 1,492,032 |
Total Electronics-Military | $ 1,492,032 | |
E-Marketing & Information — 0.1% | ||
615,122 | Trader Interactive LLC (fka Dominion Web Solutions LLC), | |
Initial Term Loan, 4.764% (LIBOR + 400 bps), 7/28/28 | $ 612,046 | |
Total E-Marketing & Information | $ 612,046 | |
Engines — 0.4% | ||
200,000 | Arcline FM Holdings LLC, Second Lien Term Loan, 9.00% | |
(LIBOR + 825 bps), 6/25/29 | $ 198,000 | |
1,990,000 | Arcline FM Holdings, LLC, First Lien Initial Term Loan, 5.50% | |
(LIBOR + 475 bps), 6/23/28 | 1,970,100 | |
Total Engines | $ 2,168,100 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 25
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Enterprise Software & Services — 0.6% | ||
271,562 | ECI Macola/Max Holding LLC, First Lien Initial Term Loan, | |
4.756% (LIBOR + 375 bps), 11/9/27 | $ 270,884 | |
1,520,386 | First Advantage Holdings, LLC, First Lien Term B-1 Loan, | |
3.514% (LIBOR + 275 bps), 1/31/27 | 1,514,447 | |
1,990,000 | Skopima Consilio Parent LLC, First Lien Initial Term Loan, | |
4.764% (LIBOR + 400 bps), 5/12/28 | 1,966,120 | |
Total Enterprise Software & Services | $ 3,751,451 | |
Entertainment Software — 0.1% | ||
495,000 | Playtika Holding Corp., Term B-1 Loan, 3.514% (LIBOR + | |
275 bps), 3/13/28 | $ 490,497 | |
Total Entertainment Software | $ 490,497 | |
Finance-Credit Card — 0.9% | ||
1,828,750 | Blackhawk Network Holdings, Inc., First Lien Term Loan, | |
3.764% (LIBOR + 300 bps), 6/15/25 | $ 1,808,367 | |
992,505 | FleetCor Technologies Operating Company, LLC, Term | |
B-4 Loan, 2.514% (LIBOR + 175 bps), 4/28/28 | 975,859 | |
2,486,237 | Paysafe Group Holdings II, Ltd., Facility B1, 3.514% | |
(LIBOR + 275 bps), 6/28/28 | 2,405,435 | |
Total Finance-Credit Card | $ 5,189,661 | |
Finance-Investment Banker — 0.2% | ||
495,000 | Citadel Securities LP, 2021 Term Loan, 3.315% (Term | |
SOFR + 250 bps), 2/2/28 | $ 491,390 | |
498,741 | Hudson River Trading LLC, Term Loan, 3.815% (Term | |
SOFR + 300 bps), 3/20/28 | 492,896 | |
Total Finance-Investment Banker | $ 984,286 | |
Finance-Leasing Company — 0.3% | ||
1,238,799 | Avolon TLB Borrower 1 (US) LLC, Term B-4 Loan, 2.25% | |
(LIBOR + 150 bps), 2/12/27 | $ 1,215,861 | |
519,577 | Fly Willow Funding Ltd., Term Loan B, 7.012% (LIBOR + | |
600 bps), 10/8/25 | 521,201 | |
Total Finance-Leasing Company | $ 1,737,062 | |
Finance-Special Purpose Banks — 0.2% | ||
1,427,263 | Bank of Industry, Ltd., Facility, 6.803% (LIBOR + | |
600 bps), 12/11/23 | $ 1,431,545 | |
Total Finance-Special Purpose Banks | $ 1,431,545 | |
Food-Dairy Products — 0.2% | ||
1,034,250 | Chobani LLC., 2020 New Term Loan, 4.50% (LIBOR + | |
350 bps), 10/25/27 | $ 1,017,228 | |
Total Food-Dairy Products | $ 1,017,228 | |
Food-Meat Products — 0.2% | ||
1,018,236 | JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, | |
2.804% (LIBOR + 200 bps), 5/1/26 | $ 1,015,945 | |
Total Food-Meat Products | $ 1,015,945 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Food-Wholesale & Distributions — 0.3% | ||
1,895,118(c) | United Natural Foods, Inc., Initial Term Loan, 4.014% | |
(LIBOR + 325 bps), 10/22/25 | $ 1,887,271 | |
Total Food-Wholesale/Distributions | $ 1,887,271 | |
Footwear & Related Apparel — 0.4% | ||
2,500,000 | Crocs, Inc., Term Loan, 4.00% (Term SOFR + | |
350 bps), 2/20/29 | $ 2,447,395 | |
Total Footwear & Related Apparel | $ 2,447,395 | |
Gambling (Non-Hotel) — 1.0% | ||
448,875 | Bally's Corporation, Term B Facility Loan, 3.75% (LIBOR + | |
325 bps), 10/2/28 | $ 445,256 | |
2,831,089(c) | Enterprise Development Authority, Term B Loan, 5.014% | |
(LIBOR + 425 bps), 2/28/28 | 2,825,192 | |
2,325,000 | Scientific Games International, Inc., Initial Term B Loan, | |
3.846% (Term SOFR + 300 bps), 4/14/29 | 2,307,562 | |
Total Gambling (Non-Hotel) | $ 5,578,010 | |
Hotels & Motels — 0.4% | ||
2,495,000(c) | Hilton Grand Vacations Borrower LLC, Initial Term Loan, | |
3.764% (LIBOR + 300 bps), 8/2/28 | $ 2,487,984 | |
Total Hotels & Motels | $ 2,487,984 | |
Housewares — 0.2% | ||
965,000 | Ozark Holdings LLC, 2020 Refinancing Term Loan, 4.514% | |
(LIBOR + 375 bps), 12/16/27 | $ 959,451 | |
Total Housewares | $ 959,451 | |
Human Resources — 0.8% | ||
1,485,000 | CCRR Parent, Inc., First Lien Initial Term Loan, 4.76% | |
(LIBOR + 375 bps), 3/6/28 | $ 1,491,962 | |
481,363 | Creative Artists Agency LLC, Closing Date Term Loan, | |
4.514% (LIBOR + 375 bps), 11/27/26 | 480,122 | |
2,547,324 | Team Health Holdings, Inc., Extended Term Loan, 6.25% | |
(Term SOFR + 525 bps), 3/2/27 | 2,409,343 | |
Total Human Resources | $ 4,381,427 | |
Independ Power Producer — 0.2% | ||
693,574 | Calpine Construction Finance Company, L.P., Term B Loan, | |
2.764% (LIBOR + 200 bps), 1/15/25 | $ 686,060 | |
576,320 | EFS Cogen Holdings I LLC, Term B Advance, 4.51% | |
(LIBOR + 350 bps), 10/1/27 | 564,949 | |
Total Independ Power Producer | $ 1,251,009 | |
Insurance Brokers — 0.1% | ||
837,518 | USI, Inc. (fka Compass Investors Inc.), 2017 New Term | |
Loan, 4.006% (LIBOR + 300 bps), 5/16/24 | $ 831,132 | |
Total Insurance Brokers | $ 831,132 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 27
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Internet Content — 0.1% | ||
853,031 | Hunter US Bidco, Inc., First Lien Initial Dollar Term Loan, | |
5.256% (LIBOR + 425 bps), 8/19/28 | $ 852,498 | |
Total Internet Content | $ 852,498 | |
Internet Security — 0.1% | ||
500,000(b) | NortonLifeLock, Inc., Term Loan B, 1/28/29 | $ 493,047 |
Total Internet Security | $ 493,047 | |
Investment Management & Advisory Services — 1.1% | ||
887,097 | Allspring Buyer LLC, Initial Term Loan, 4.313% (LIBOR + | |
325 bps), 11/1/28 | $ 886,542 | |
1,339,875 | Edelman Financial Engines Center LLC, First Lien 2021 | |
Initial Term Loan, 4.264% (LIBOR + 350 bps), 4/7/28 | 1,331,396 | |
3,000,000 | LHS Borrower LLC, Initial Term Loan, 5.45% (Term SOFR + | |
475 bps), 2/16/29 | 2,895,000 | |
1,487,905 | Russell Investments US Institutional Holdco, Inc., 2025 | |
Term Loan, 5.00% (LIBOR + 350 bps), 5/30/25 | 1,473,956 | |
Total Investment Management & Advisory Services | $ 6,586,894 | |
Lasers-System & Components — 0.2% | ||
1,250,000(b) | II-VI Incorporated, Term Loan B, 12/8/28 | $ 1,246,563 |
Total Lasers-Syst/Components | $ 1,246,563 | |
Lottery Services — 0.2% | ||
1,300,000 | Scientific Games Corp., Term Loan, 4.175% (Term SOFR + | |
350 bps), 4/4/29 | $ 1,288,277 | |
Total Lottery Services | $ 1,288,277 | |
Machinery — 1.2% | ||
500,000(b) | Clark Equipment Company, Tranche B Term Loan, 4/20/29 | $ 499,331 |
1,000,000 | Eagle Parent Corp., Initial Term Loan, 4.75% (Term SOFR + | |
425 bps), 4/2/29 | 996,250 | |
1,833,334 | East West Manufacturing LLC, Initial Term Loan, 6.50% | |
(Term SOFR + 575 bps), 12/22/28 | 1,812,708 | |
1,995,000 | Engineered Components & Systems LLC, First Lien Initial | |
Term Loan, 6.50% (LIBOR + 600 bps), 8/2/28 | 1,940,137 | |
1,946,741 | Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), 2018 | |
Term B Loan,, 3.264% (LIBOR + 250 bps), 10/23/25 | 1,941,063 | |
Total Machinery | $ 7,189,489 | |
Machinery-Construction & Mining — 0.0%† | ||
70,471 | Terex Corporation, 2018 Incremental U.S. Term Loan, | |
2.764% (LIBOR + 200 bps), 1/31/24 | $ 70,449 | |
Total Machinery-Construction & Mining | $ 70,449 | |
Machinery-Pumps — 0.4% | ||
1,583,627 | Circor International, Inc., Initial Term Loan, 6.132% | |
(LIBOR + 550 bps), 12/20/28 | $ 1,555,913 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Machinery-Pumps — (continued) | ||
995,503 | Granite US Holdings Corp., Replacement Term B Loan, | |
5.063% (LIBOR + 400 bps), 9/30/26 | $ 988,659 | |
Total Machinery-Pumps | $ 2,544,572 | |
Medical Diagnostic Imaging — 0.3% | ||
1,738,144 | US Radiology Specialists, Inc. (US Outpatient Imaging | |
Services, Inc.), Closing Date Term Loan, 6.313% (LIBOR + | ||
525 bps), 12/15/27 | $ 1,734,450 | |
Total Medical Diagnostic Imaging | $ 1,734,450 | |
Medical Information Systems — 0.9% | ||
3,634,058 | athenahealth, Inc., Initial Term Loan, 4.009% (Term SOFR + | |
350 bps), 2/15/29 | $ 3,600,443 | |
496,250 | Azalea TopCo, Inc., First Lien 2021 Term Loan, 4.514% | |
(LIBOR + 375 bps), 7/24/26 | 491,908 | |
975,000 | Azalea TopCo, Inc., First Lien Initial Term Loan, 4.264% | |
(LIBOR + 350 bps), 7/24/26 | 962,812 | |
Total Medical Information Systems | $ 5,055,163 | |
Medical Labs & Testing Services — 1.7% | ||
1,451,250 | Envision Healthcare Corp., Initial Term Loan, 4.514% | |
(LIBOR + 375 bps), 10/10/25 | $ 894,938 | |
1,000,000(b) | eResearchTechnology, Inc., First Lien Initial Term | |
Loan, 2/4/27 | 998,393 | |
1,720,719 | FC Compassus LLC, Term B-1 Loan, 6.076% (LIBOR + | |
425 bps), 12/31/26 | 1,696,522 | |
853,020 | Icon Public Limited Company, Lux Term Loan, 3.313% | |
(LIBOR + 225 bps), 7/3/28 | 847,956 | |
654,266 | Loire UK Midco 3, Ltd., Facility B, 4.014% (LIBOR + | |
325 bps), 4/21/27 | 634,638 | |
1,235,644 | Phoenix Guarantor Inc., First Lien Tranche B-3 Term | |
Loan, 4.132% (LIBOR + 350 bps), 3/5/26 | 1,217,366 | |
496,250 | Sound Inpatient Physicians Holdings LLC, First Lien 2021 | |
Incremental Term Loan, 3.668% (LIBOR + 300 bps), 6/27/25 | 494,544 | |
984,655 | Sound Inpatient Physicians, Inc., First Lien Initial Term | |
Loan, 3.514% (LIBOR + 275 bps), 6/27/25 | 976,654 | |
500,000 | Sound Inpatient Physicians, Inc., Second Lien Initial Term | |
Loan, 7.514% (LIBOR + 675 bps), 6/26/26 | 497,084 | |
1,492,500 | U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, | |
4.75% (LIBOR + 425 bps), 10/1/28 | 1,477,042 | |
Total Medical Labs & Testing Services | $ 9,735,137 | |
Medical Products — 0.3% | ||
1,400,625 | NMN Holdings III Corp., First Lien Closing Date Term Loan, | |
6.25% (LIBOR + 375 bps), 11/13/25 | $ 1,364,443 | |
300,229 | NMN Holdings III Corp., First Lien Delayed Draw Term | |
Loan, 4.514% (LIBOR + 375 bps), 11/13/25 | 292,473 | |
Total Medical Products | $ 1,656,916 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 29
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Medical-Biomedical & Generation — 0.4% | ||
2,593,500 | ANI Pharmaceuticals, Inc., Initial Term Loan, 6.764% | |
(LIBOR + 600 bps), 11/19/27 | $ 2,593,500 | |
Total Medical-Biomedical & Generation | $ 2,593,500 | |
Medical-Drugs — 1.9% | ||
661,390 | Bausch Health Companies Inc., First Incremental Term | |
Loan, 3.514% (LIBOR + 275 bps), 11/27/25 | $ 659,323 | |
943,870 | Bausch Health Companies Inc., Initial Term Loan, 3.764% | |
(LIBOR + 300 bps), 6/2/25 | 940,920 | |
1,500,000(b) | Bausch Health Cos., Inc., Term Loan B, 1/27/27 | 1,455,937 |
975,000 | Curium BidCo S.a.r.l., Facility B, 5.006% (LIBOR + | |
400 bps), 7/9/26 | 963,422 | |
2,794,230 | Endo Luxembourg Finance Company I S.a r.l., 2021 Term | |
Loan, 5.813% (LIBOR + 500 bps), 3/27/28 | 2,589,902 | |
212,531 | Icon Public Limited Company, U.S. Term Loan, 3.313% | |
(LIBOR + 225 bps), 7/3/28 | 211,468 | |
1,240,625 | Jazz Pharmaceuticals Public Limited Company, Initial | |
Dollar Term Loan, 4.264% (LIBOR + 350 bps), 5/5/28 | 1,240,108 | |
1,928,333 | Organon & Co., Dollar Term Loan, 3.563% (LIBOR + | |
300 bps), 6/2/28 | 1,922,307 | |
1,176,470 | Padagis LLC, Term B Loan, 5.719% (LIBOR + 475 bps), 7/6/28 | 1,176,471 |
Total Medical-Drugs | $ 11,159,858 | |
Medical-Generic Drugs — 0.1% | ||
477,273 | Perrigo Company PLC, Initial Term B Loan, 3.14% (Term | |
SOFR + 250 bps), 4/20/29 | $ 476,080 | |
Total Medical-Generic Drugs | $ 476,080 | |
Medical-HMO — 0.2% | ||
1,488,750 | One Call Corp., First Lien Term B Loan, 6.688% (LIBOR + | |
550 bps), 4/22/27 | $ 1,369,650 | |
Total Medical-HMO | $ 1,369,650 | |
Medical-Hospitals — 1.0% | ||
746,250 | AHP Health Partners, Inc., Initial Term Loan, 4.264% | |
(LIBOR + 350 bps), 8/24/28 | $ 742,985 | |
2,500,000 | EyeCare Partners, LLC, First Lien Amendment No. 1 Term | |
Loan, 4.756% (LIBOR + 375 bps), 11/15/28 | 2,470,313 | |
1,940,097 | LifePoint Health, Inc. (fka Regionalcare Hospital Partners | |
Holdings, Inc.), First Lien Term B Loan, 4.499% (LIBOR + | ||
375 bps), 11/16/25 | 1,920,334 | |
760,008 | Quorum Health Corp., Exit Term Loan, 7.50% (LIBOR + | |
650 bps), 4/29/25 | 608,006 | |
Total Medical-Hospitals | $ 5,741,638 | |
Medical-Outpatient & Home Medicine — 0.1% | ||
840,000 | Medical Solutions Holdings, Inc., First Lien Initial Term | |
Loan, 4.00% (LIBOR + 350 bps), 11/1/28 | $ 834,400 | |
Total Medical-Outpatient & Home Medicine | $ 834,400 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Medical-Wholesale Drug Distribution — 0.9% | ||
1,482,488 | Gainwell Acquisition Corp., First Lien Term B Loan, | |
5.006% (LIBOR + 400 bps), 10/1/27 | $ 1,481,253 | |
2,000,000 | Owens & Minor, Inc., Term B-1 Facility, 4.45% (Term | |
SOFR + 375 bps), 3/29/29 | 2,008,750 | |
497,487 | Packaging Coordinators Midco, Inc., First Lien Term B | |
Loan, 4.756% (LIBOR + 375 bps), 11/30/27 | 494,254 | |
1,250,000(b) | Vizient, Inc., Term Loan B, 4/28/29 | 1,248,177 |
Total Medical-Wholesale Drug Distribution | $ 5,232,434 | |
Metal Processors & Fabrication — 0.6% | ||
1,990,000 | Grinding Media Inc. (Molycop Ltd.), First Lien Initial Term | |
Loan, 4.796% (LIBOR + 400 bps), 10/12/28 | $ 1,952,688 | |
1,634,722 | WireCo WorldGroup, Inc., Initial Term Loan, 4.75% | |
(LIBOR + 425 bps), 11/13/28 | 1,620,078 | |
Total Metal Processors & Fabrication | $ 3,572,766 | |
Metal-Iron — 0.1% | ||
667,885 | TMS International Corp., Term B-2 Loan, 3.75% (LIBOR + | |
275 bps), 8/14/24 | $ 664,545 | |
Total Metal-Iron | $ 664,545 | |
Municipal-Education — 0.2% | ||
997,500 | Lakeshore Intermediate LLC, First Lien Initial Term Loan, | |
4.00% (LIBOR + 350 bps), 9/29/28 | $ 987,214 | |
Total Municipal-Education | $ 987,214 | |
Networking Products — 0.5% | ||
2,977,462(c) | GoTo Group, Inc., First Lien Initial Term Loan, 5.304% | |
(LIBOR + 475 bps), 8/31/27 | $ 2,883,487 | |
Total Networking Products | $ 2,883,487 | |
Non-hazardous Waste Disposal — 0.4% | ||
1,158,865 | GFL Environmental Inc., 2020 Refinancing Term Loan, | |
4.239% (LIBOR + 300 bps), 5/30/25 | $ 1,157,996 | |
512,500 | MIP V Waste LLC, Initial Term Loan, 4.014% (LIBOR + | |
325 bps), 12/8/28 | 511,005 | |
744,375 | WIN Waste Innovations Holdings Inc., Initial Term Loan, | |
3.756% (LIBOR + 275 bps), 3/24/28 | 736,931 | |
Total Non-hazardous Waste Disposal | $ 2,405,932 | |
Office Automation & Equipment — 0.1% | ||
693,000 | Pitney Bowes, Inc., Refinancing Tranche B Term Loan, | |
4.77% (LIBOR + 400 bps), 3/17/28 | $ 683,038 | |
Total Office Automation & Equipment | $ 683,038 | |
Oil Comp-Explor & Production — 0.2% | ||
1,246,875 | Southwestern Energy Company, Initial Loan, 3.151% | |
(Term SOFR + 250 bps), 6/22/27 | $ 1,247,654 | |
Total Oil Comp-Explor & Production | $ 1,247,654 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 31
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Oil Refining&Marketing — 0.0%† | ||
2,482 | Delek US Holdings, Inc., Initial Loan, 3.014% (LIBOR + | |
225 bps), 3/31/25 | $ 2,441 | |
Total Oil Refining&Marketing | $ 2,441 | |
Oil-Field Services — 0.6% | ||
3,515,000 | ProFrac Holdings II, LLC, Term Loan, 9.603% (Term | |
SOFR + 850 bps), 3/4/25 | $ 3,462,275 | |
Total Oil-Field Services | $ 3,462,275 | |
Paper & Related Products — 0.6% | ||
1,985,000 | Schweitzer-Mauduit International, Inc., Term B Loan, | |
4.563% (LIBOR + 400 bps), 4/20/28 | $ 1,962,669 | |
1,818,056 | Sylvamo Corp., Term Loan B, 5.264% (LIBOR + | |
450 bps), 8/18/28 | 1,779,422 | |
Total Paper & Related Products | $ 3,742,091 | |
Pastoral & Agricultural — 0.2% | ||
1,346,625 | Alltech, Inc., Term B Loan, 4.764% (LIBOR + | |
400 bps), 10/13/28 | $ 1,331,475 | |
Total Pastoral & Agricultural | $ 1,331,475 | |
Pharmacy Services — 0.2% | ||
430,974 | Change Healthcare Holdings, LLC, Closing Date Term | |
Loan, 3.50% (LIBOR + 250 bps), 3/1/24 | $ 430,513 | |
648,375 | Option Care Health, Inc., First Lien 2021 Refinancing Term | |
Loan, 3.514% (LIBOR + 275 bps), 10/27/28 | 646,855 | |
Total Pharmacy Services | $ 1,077,368 | |
Physical Therapy & Rehabilitation Centers — 0.8% | ||
2,066,667 | Summit Behavioral Healthcare LLC, First Lien Initial Term | |
Loan, 5.50% (LIBOR + 475 bps), 11/24/28 | $ 2,030,500 | |
2,462,640 | Upstream Newco, Inc., First Lien August 2021 Incremental | |
Term Loan, 5.065% (Term SOFR + 425 bps), 11/20/26 | 2,443,144 | |
Total Physical Therapy & Rehabilitation Centers | $ 4,473,644 | |
Pipelines — 2.3% | ||
1,935,000 | Centurion Pipeline Company, LLC, Initial Term Loan, 4.014% | |
(LIBOR + 325 bps), 9/29/25 | $ 1,915,348 | |
199,664 | DT Midstream, Inc., Initial Term Loan, 2.50% (LIBOR + | |
200 bps), 6/26/28 | 199,812 | |
1,978,388 | Freeport LNG Investments LLLP, Initial Term B Loan, | |
4.563% (LIBOR + 350 bps), 12/21/28 | 1,969,269 | |
248,750 | ITT Holdings LLC, Initial Term Loan, 3.514% (LIBOR + | |
275 bps), 7/10/28 | 246,340 | |
1,326,875 | Northriver Midstream Finance LP, Initial Term B Loan, | |
4.217% (LIBOR + 325 bps), 10/1/25 | 1,321,530 | |
1,496,250 | Oryx Midstream Services Permian Basin LLC, Initial Term | |
Loan, 3.75% (LIBOR + 325 bps), 10/5/28 | 1,491,341 | |
1,496,250 | TransMontaigne Operating Co. LP, Tranche B Term Loan, | |
4.00% (LIBOR + 350 bps), 11/17/28 | 1,491,886 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Pipelines — (continued) | ||
4,464,341 | Traverse Midstream Partners LLC, Advance, 5.25% (Term | |
SOFR + 425 bps), 9/27/24 | $ 4,458,761 | |
Total Pipelines | $ 13,094,287 | |
Printing-Commercial — 0.1% | ||
744,375 | Cimpress plc, Tranche B-1 Term Loan, 4.264% (LIBOR + | |
350 bps), 5/17/28 | $ 738,172 | |
Total Printing-Commercial | $ 738,172 | |
Property & Casualty Insurance — 1.7% | ||
2,651,061 | Asurion LLC, New B-7 Term Loan, 3.764% (LIBOR + | |
300 bps), 11/3/24 | $ 2,629,852 | |
2,000,000(b) | Asurion LLC, New B-9 Term Loan, 7/31/27 | 1,957,500 |
750,000 | Asurion LLC, Second Lien New B-4 Term Loan, 6.014% | |
(LIBOR + 525 bps), 1/20/29 | 728,438 | |
1,969,936 | Sedgwick Claims Management Services, Inc. (Lightning | |
Cayman Merger Sub, Ltd.), 2019 Term Loan, 4.514% | ||
(LIBOR + 375 bps), 9/3/26 | 1,963,626 | |
2,500,000(b) | Sedgwick Claims Management Services, Inc. (Lightning | |
Cayman Merger Sub, Ltd.), 2020 Term Loan, 9/3/26 | 2,502,865 | |
Total Property & Casualty Insurance | $ 9,782,281 | |
Protection-Safety — 0.6% | ||
995,000 | APX Group, Inc., Initial Term Loan, 4.051% (LIBOR + | |
350 bps), 7/10/28 | $ 986,777 | |
2,586,393 | Prime Security Services Borrower, LLC, First Lien 2021 | |
Refinancing Term B-1 Loan, 3.50% (LIBOR + | ||
275 bps), 9/23/26 | 2,559,115 | |
Total Protection-Safety | $ 3,545,892 | |
Publishing — 0.8% | ||
646,750 | Cengage Learning, Inc., First Lien Term B Loan, 5.75% | |
(LIBOR + 475 bps), 7/14/26 | $ 636,847 | |
2,000,000 | Houghton Mifflin Harcourt Company, First Lien Term B | |
Loan, 6.05% (Term SOFR + 525 bps), 4/9/29 | 1,937,812 | |
2,238,750 | McGraw-Hill Education, Inc., Initial Term Loan, 5.554% | |
(LIBOR + 475 bps), 7/28/28 | 2,199,852 | |
Total Publishing | $ 4,774,511 | |
Publishing-Periodicals — 0.2% | ||
875,000 | MJH Healthcare Holdings LLC, Initial Term B Loan, 4.122% | |
(Term SOFR + 350 bps), 1/28/29 | $ 866,250 | |
Total Publishing-Periodicals | $ 866,250 | |
Recreational Centers — 0.2% | ||
1,487,659 | Fitness International LLC, Term B Loan, 4.256% (LIBOR + | |
325 bps), 4/18/25 | $ 1,393,285 | |
Total Recreational Centers | $ 1,393,285 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 33
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Recycling — 0.6% | ||
1,646,648 | Harsco Corporation, Term B-3 Loan, 3.125% (LIBOR + | |
225 bps), 3/10/28 | $ 1,599,307 | |
1,789,492 | LTR Intermediate Holdings, Inc., Initial Term Loan, 5.50% | |
(LIBOR + 450 bps), 5/5/28 | 1,773,834 | |
Total Recycling | $ 3,373,141 | |
Rental Auto & Equipment — 0.9% | ||
700,000 | Avis Budget Car Rental LLC, Tranche C Term Loan, 4.30% | |
(Term SOFR + 350 bps), 3/16/29 | $ 699,708 | |
1,727,180(c) | Fly Funding II S.a r.l., Replacement Loan, 2.11% (LIBOR + | |
175 bps), 8/11/25 | 1,687,239 | |
1,670,227 | Hertz Corp., Initial Term B Loan, 4.014% (LIBOR + | |
325 bps), 6/30/28 | 1,665,530 | |
317,152 | Hertz Corp., Initial Term C Loan, 4.014% (LIBOR + | |
325 bps), 6/30/28 | 316,260 | |
997,500 | PECF USS Intermediate Holding III Corp., Initial Term Loan, | |
4.758% (LIBOR + 425 bps), 12/15/28 | 985,031 | |
Total Rental Auto & Equipment | $ 5,353,768 | |
Resorts/Theme Parks — 0.3% | ||
1,984,818 | Seaworld Parks & Entertainment, Inc., Term B Loan, | |
3.813% (LIBOR + 300 bps), 8/25/28 | $ 1,959,015 | |
Total Resorts/Theme Parks | $ 1,959,015 | |
Retail — 4.5% | ||
987,500 | 84 Lumber Company, Term B-1 Loan, 3.764% (LIBOR + | |
300 bps), 11/13/26 | $ 982,974 | |
995,000 | At Home Group, Inc., Initial Term Loan, 4.967% (LIBOR + | |
400 bps), 7/24/28 | 911,047 | |
990,000 | Belron Group SA, Dollar Third Incremental Loan, 3.25% | |
(LIBOR + 275 bps), 4/13/28 | 987,061 | |
1,485,000 | CWGS Group, LLC, Initial Term Loan, 3.25% (LIBOR + | |
250 bps), 6/3/28 | 1,398,375 | |
595,500 | Foundation Building Materials, Inc., First Lien Initial Term | |
Loan, 4.489% (LIBOR + 325 bps), 1/31/28 | 575,030 | |
2,537,971 | Great Outdoors Group LLC, Term B-2 Loan, 4.514% | |
(LIBOR + 375 bps), 3/6/28 | 2,518,619 | |
788,000 | Harbor Freight Tools USA, Inc., 2021 Initial Term Loan, | |
3.514% (LIBOR + 275 bps), 10/19/27 | 762,636 | |
907,500 | Highline Aftermarket Acquisition LLC, First Lien Initial Term | |
Loan, 5.25% (LIBOR + 450 bps), 11/9/27 | 875,738 | |
1,539,740 | LBM Acquisition LLC, First Lien Initial Term Loan, 4.50% | |
(LIBOR + 375 bps), 12/17/27 | 1,457,748 | |
1,488,750 | Michaels Cos, Inc., The Term B Loan, 5.256% (LIBOR + | |
425 bps), 4/15/28 | 1,363,603 | |
1,138,500 | Petco Health & Wellness Co., Inc., First Lien 2021 Term | |
Loan, 4.256% (LIBOR + 325 bps), 3/3/28 | 1,130,469 | |
1,687,250 | PetSmart LLC, Initial Term Loan, 4.50% (LIBOR + | |
375 bps), 2/11/28 | 1,675,439 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Retail — (continued) | ||
895,500 | Pilot Travel Centers LLC, Initial Tranche B Term Loan, | |
2.70% (Term SOFR + 200 bps), 8/4/28 | $ 885,273 | |
1,957,867 | RVR Dealership Holdings, LLC, Term Loan, 4.50% (Term | |
SOFR + 375 bps), 2/8/28 | 1,820,816 | |
1,290,250 | SRS Distribution, Inc., 2021 Refinancing Term Loan, | |
4.019% (LIBOR + 350 bps), 6/2/28 | 1,245,898 | |
4,378,559 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, 4.817% | |
(LIBOR + 450 bps), 9/12/24 | 4,315,617 | |
975,000 | Torrid LLC, Closing Date Term Loan, 6.739% (LIBOR + | |
550 bps), 6/14/28 | 950,625 | |
648,375 | Whatabrands LLC, Initial Term B Loan, 4.014% (LIBOR + | |
325 bps), 8/3/28 | 642,094 | |
1,995,000 | White Cap Supply Holdings LLC, Initial Closing Date Term | |
Loan, 4.45% (SOFR + 375 bps), 10/19/27 | 1,950,735 | |
Total Retail | $ 26,449,797 | |
Retail-Restaurants — 0.1% | ||
812,705 | 1011778 B.C. Unlimited Liability Co., Term B-4 Loan, 2.514% | |
(LIBOR + 175 bps), 11/19/26 | $ 798,568 | |
Total Retail-Restaurants | $ 798,568 | |
Satellite Telecom — 0.3% | ||
1,745,625 | Intelsat Jackson Holdings SA, Term B Loan, 5.00% (Term | |
SOFR + 425 bps), 2/1/29 | $ 1,696,166 | |
Total Satellite Telecom | $ 1,696,166 | |
Schools — 0.5% | ||
1,467,206 | KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan, | |
4.756% (LIBOR + 375 bps), 2/21/25 | $ 1,455,692 | |
1,400,000 | McKissock Investment Holdings LLC, Initial Term Loan, | |
5.951% (Term SOFR + 500 bps), 3/12/29 | 1,398,250 | |
Total Schools | $ 2,853,942 | |
Security Services — 1.0% | ||
1,978,750 | Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), | |
Initial U.S. Dollar Term Loan, 4.514% (LIBOR + | ||
375 bps), 5/12/28 | $ 1,931,600 | |
4,145,713(c) | Garda World Security Corp., Term B-2 Loan, 4.92% | |
(LIBOR + 425 bps), 10/30/26 | 4,116,349 | |
Total Security Services | $ 6,047,949 | |
Semiconductor Equipment — 0.3% | ||
1,756,190 | Ultra Clean Holdings, Inc., Second Amendment Term B | |
Loan, 4.514% (LIBOR + 375 bps), 8/27/25 | $ 1,753,995 | |
Total Semiconductor Equipment | $ 1,753,995 | |
Shipbuilding — 0.4% | ||
2,199,360 | MHI Holdings LLC, Initial Term Loan, 5.764% (LIBOR + | |
500 bps), 9/21/26 | $ 2,194,779 | |
Total Shipbuilding | $ 2,194,779 |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 35
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | ||
Amount USD ($) | Value | |
Soap & Cleaning Preparation — 0.3% | ||
1,995,000 | Knight Health Holdings LLC, Term B Loan, 6.014% (LIBOR + | |
525 bps), 12/23/28 | $ 1,755,600 | |
Total Soap & Cleaning Preparation | $ 1,755,600 | |
Steel Pipe & Tube — 0.1% | ||
699,375 | Atkore International, Inc., Initial Term Loan, 2.563% (LIBOR + | |
200 bps), 5/26/28 | $ 695,878 | |
Total Steel Pipe & Tube | $ 695,878 | |
Steel Producers — 0.4% | ||
2,175,289 | Phoenix Services International LLC, Term B Loan, 4.75% | |
(LIBOR + 375 bps), 3/1/25 | $ 2,023,018 | |
Total Steel Producers | $ 2,023,018 | |
Telecom Services — 0.3% | ||
1,625,580 | Windstream Services II, LLC, Initial Term Loan, 7.25% | |
(LIBOR + 625 bps), 9/21/27 | $ 1,625,580 | |
Total Telecom Services | $ 1,625,580 | |
Telecommunication Equipment — 0.3% | ||
1,710,526 | Commscope, Inc., Initial Term Loan, 4.014% (LIBOR + | |
325 bps), 4/6/26 | $ 1,650,391 | |
Total Telecommunication Equipment | $ 1,650,391 | |
Telephone-Integrated — 1.0% | ||
997,500 | Cincinnati Bell, Inc., Term B-2 Loan, 4.051% (SOFR + | |
325 bps), 11/22/28 | $ 994,175 | |
2,973,981 | Level 3 Financing, Inc., Tranche B 2027 Term Loan, 2.514% | |
(LIBOR + 175 bps), 3/1/27 | 2,878,442 | |
2,244,566 | Lumen Technologies Inc., Term B Loan, 3.014% (LIBOR + | |
225 bps), 3/15/27 | 2,156,031 | |
Total Telephone-Integrated | $ 6,028,648 | |
Television — 0.5% | ||
1,581,456 | Gray Television, Inc., Term B-2 Loan, 2.955% (LIBOR + | |
250 bps), 2/7/24 | $ 1,578,121 | |
528,021 | Gray Television, Inc., Term C Loan, 2.955% (LIBOR + | |
250 bps), 1/2/26 | 525,014 | |
804,375 | Sinclair Television Group, Inc., Tranche B-2b Term Loan, | |
3.27% (LIBOR + 250 bps), 9/30/26 | 777,730 | |
Total Television | $ 2,880,865 | |
Textile-Home Furnishings — 0.3% | ||
2,000,000 | Runner Buyer, Inc., Initial Term Loan, 6.264% (LIBOR + | |
550 bps), 10/20/28 | $ 1,880,000 | |
Total Textile-Home Furnishings | $ 1,880,000 | |
Theaters — 0.5% | ||
2,977,073(c) | AMC Entertainment Holdings, Inc. (fka AMC Entertainment, | |
Inc.), Term B-1 Loan, 3.488% (LIBOR + 300 bps), 4/22/26 | $ 2,665,645 | |
Total Theaters | $ 2,665,645 |
36 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Therapeutics — 0.1% | ||
495,000 | Horizon Therapeutics USA, Inc., Incremental Term B-2 Loan, | |
2.438% (LIBOR + 175 bps), 3/15/28 | $ 489,225 | |
Total Therapeutics | $ 489,225 | |
Transactional Software — 0.5% | ||
2,778,544 | Polaris Newco, LLC, First Lien Dollar Term Loan, 4.764% | |
(LIBOR + 400 bps), 6/2/28 | $ 2,762,336 | |
Total Transactional Software | $ 2,762,336 | |
Transportation - Trucks — 0.5% | ||
1,741,250 | Carriage Purchaser, Inc., Term B Loan, 5.014% (LIBOR + | |
425 bps), 9/30/28 | $ 1,727,647 | |
990,000 | Daseke Cos., Inc., 2021 Initial Term Loan, 4.75% (LIBOR + | |
400 bps), 3/9/28 | 975,150 | |
Total Transportation - Trucks | $ 2,702,797 | |
Transportation Services — 1.2% | ||
2,537,250 | AIT Worldwide Logistics Holdings, Inc., First Lien Initial | |
Term Loan, 5.719% (LIBOR + 475 bps), 4/6/28 | $ 2,502,363 | |
1,500,000 | Echo Global Logistics, Inc., First Lien Initial Term Loan, | |
4.514% (LIBOR + 375 bps), 11/23/28 | 1,465,000 | |
1,639,274 | First Student Bidco, Inc., Initial Term B Loan, 3.983% | |
(LIBOR + 300 bps), 7/21/28 | 1,611,867 | |
606,618 | First Student Bidco, Inc., Initial Term C Loan, 3.983% | |
(LIBOR + 300 bps), 7/21/28 | 596,476 | |
646,750 | LaserShip, Inc., First Lien Initial Term Loan, 5.25% (LIBOR + | |
450 bps), 5/7/28 | 642,223 | |
Total Transportation Services | $ 6,817,929 | |
Transport-Equipment & Leasing — 0.3% | ||
1,492,800 | IBC Capital I, Ltd., First Lien Tranche B-1 Term Loan, 4.666% | |
(LIBOR + 375 bps), 9/11/23 | $ 1,464,810 | |
Total Transport-Equipment & Leasing | $ 1,464,810 | |
Transport-Rail — 0.1% | ||
490,000 | Genesee & Wyoming, Inc., Initial Term Loan, 3.006% | |
(LIBOR + 200 bps), 12/30/26 | $ 486,631 | |
Total Transport-Rail | $ 486,631 | |
Veterinary Diagnostics — 0.2% | ||
944,525 | Elanco Animal Health Incorporated, Term Loan, 2.205% | |
(LIBOR + 175 bps), 8/1/27 | $ 927,479 | |
496,231 | Southern Veterinary Partners LLC, First Lien Initial Term | |
Loan, 5.00% (LIBOR + 400 bps), 10/5/27 | 494,370 | |
Total Veterinary Diagnostics | $ 1,421,849 | |
Web Hosting/Design — 0.2% | ||
1,491,237 | Endurance International Group Holdings, Inc., Initial Term | |
Loan, 4.25% (LIBOR + 350 bps), 2/10/28 | $ 1,430,346 | |
Total Web Hosting/Design | $ 1,430,346 | |
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | ||
(Cost $496,697,796) | $491,143,793 |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 37
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Shares | Value | |
COMMON STOCKS — 0.1% of Net Assets | ||
Airlines — 0.1% | ||
33,954(d) | Grupo Aeromexico SAB de CV | $ 599,496 |
Total Airlines | $ 599,496 | |
Oil, Gas & Consumable Fuels — 0.0%† | ||
6,293(d) | Summit Midstream Partners LP | $ 106,729 |
Total Oil, Gas & Consumable Fuels | $ 106,729 | |
Specialty Retail — 0.0%† | ||
54,675(d)+^ | Targus Cayman SubCo., Ltd. | $ 83,653 |
Total Specialty Retail | $ 83,653 | |
TOTAL COMMON STOCKS | ||
(Cost $765,411) | $ 789,878 |
Principal | ||
Amount USD ($) | ||
ASSET BACKED SECURITIES — 0.8% of Net Assets | ||
1,000,000(a) | 522 Funding CLO, Ltd., Series 2019-5A, Class ER, 7.606% | |
(3 Month Term SOFR + 676 bps), 4/15/35 (144A) | $ 972,995 | |
1,000,000(a) | AB BSL CLO 1, Ltd., Series 2020-1A, Class ER, 7.706% | |
(3 Month Term SOFR + 686 bps), 1/15/35 (144A) | 964,588 | |
1,000,000(a) | AGL CLO 17, Ltd., Series 2022-17A, Class E, 6.594% (3 Month | |
Term SOFR + 635 bps), 1/21/35 (144A) | 960,045 | |
1,000,000(a) | Crown Point CLO 11, Ltd., Series 2021-11A, Class E, | |
7.056% (3 Month USD LIBOR + 681 bps), 1/17/34 (144A) | 952,107 | |
1,000,000(a) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class ER, | |
8.199% (3 Month Term SOFR + 725 bps), 4/25/33 (144A) | 978,943 | |
TOTAL ASSET BACKED SECURITIES | ||
(Cost $4,940,935) | $ 4,828,678 | |
COMMERCIAL MORTGAGE-BACKED | ||
SECURITIES — 0.2% of Net Assets | ||
332,544(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 6.702% | |
(1 Month USD LIBOR + 625 bps), 1/25/27 (144A) | $ 338,704 | |
263,592(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 9.452% | |
(1 Month USD LIBOR + 900 bps), 7/25/30 (144A) | 269,554 | |
625,000(a) | Morgan Stanley Capital I Trust, Series 2019-BPR, Class D, | |
4.554% (1 Month USD LIBOR + 400 bps), 5/15/36 (144A) | 541,721 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||
(Cost $1,237,721) | $ 1,149,979 | |
CORPORATE BONDS — 3.4% of Net Assets | ||
Advertising — 0.0%† | ||
265,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 250,081 |
Total Advertising | $ 250,081 | |
Airlines — 0.5% | ||
3,090,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | $ 3,120,900 |
Total Airlines | $ 3,120,900 |
38 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Banks — 0.2% | ||
1,000,000(e)(f) | Citigroup, Inc. Series V, 4.70% (SOFR + 323 bps) | $ 915,500 |
Total Banks | $ 915,500 | |
Chemicals — 0.2% | ||
500,000 | Olin Corp., 5.625%, 8/1/29 | $ 492,350 |
376,000 | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) | 361,900 |
Total Chemicals | $ 854,250 | |
Commercial Services — 0.3% | ||
500,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., | |
9.75%, 7/15/27 (144A) | $ 485,297 | |
1,000,000 | APX Group, Inc., 6.75%, 2/15/27 (144A) | 991,250 |
Total Commercial Services | $ 1,476,547 | |
Diversified Financial Services — 0.2% | ||
1,016,015(g) | Avation Capital SA, 8.25% (9.00% PIK or 8.25% Cash), | |
10/31/26 (144A) | $ 843,466 | |
440,000 | Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28 (144A) | 400,400 |
Total Diversified Financial Services | $ 1,243,866 | |
Entertainment — 0.2% | ||
1,520,000 | Mohegan Gaming & Entertainment, 8.00%, 2/1/26 (144A) | $ 1,340,260 |
Total Entertainment | $ 1,340,260 | |
Healthcare-Services — 0.1% | ||
145,000 | Molina Healthcare, Inc., 4.375%, 6/15/28 (144A) | $ 135,526 |
490,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 475,912 |
Total Healthcare-Services | $ 611,438 | |
Housewares — 0.0%† | ||
70,000 | CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) | $ 71,243 |
Total Housewares | $ 71,243 | |
Iron & Steel — 0.3% | ||
625,000 | Carpenter Technology Corp., 6.375%, 7/15/28 | $ 622,725 |
960,000 | Carpenter Technology Corp., 7.625%, 3/15/30 | 977,493 |
260,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 226,200 |
Total Iron & Steel | $ 1,826,418 | |
Leisure Time — 0.1% | ||
500,000 | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | $ 423,575 |
Total Leisure Time | $ 423,575 | |
Lodging — 0.2% | ||
1,000,000 | Station Casinos LLC, 4.50%, 2/15/28 (144A) | $ 907,675 |
Total Lodging | $ 907,675 | |
Media — 0.2% | ||
1,500,000 | Sinclair Television Group, Inc., 4.125%, 12/1/30 (144A) | $ 1,244,175 |
Total Media | $ 1,244,175 |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 39
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Principal | |||
Amount USD ($) | Value | ||
Mining — 0.1% | |||
390,000 | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | $ 369,045 | |
Total Mining | $ 369,045 | ||
Pharmaceuticals — 0.2% | |||
1,000,000 | Teva Pharmaceutical Finance Netherlands III BV, | ||
6.00%, 4/15/24 | $ 1,000,000 | ||
Total Pharmaceuticals | $ 1,000,000 | ||
REITs — 0.1% | |||
750,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, | ||
7.875%, 2/15/25 (144A) | $ 763,125 | ||
Total REITs | $ 763,125 | ||
Retail — 0.4% | |||
205,000 | Asbury Automotive Group, Inc., 4.50%, 3/1/28 | $ 191,163 | |
221,000 | Asbury Automotive Group, Inc., 4.75%, 3/1/30 | 197,243 | |
95,000 | Bath & Body Works, Inc., 6.625%, 10/1/30 (144A) | 94,487 | |
295,000 | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 258,742 | |
205,000 | Macy's Retail Holdings LLC, 5.875%, 4/1/29 (144A) | 194,467 | |
442,000 | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | 404,982 | |
1,000,000 | White Cap Buyer LLC, 6.875%, 10/15/28 (144A) | 916,250 | |
Total Retail | $ 2,257,334 | ||
Telecommunications — 0.1% | |||
1,000,000 | Altice France SA, 5.50%, 10/15/29 (144A) | $ 852,500 | |
Total Telecommunications | $ 852,500 | ||
TOTAL CORPORATE BONDS | |||
(Cost $20,514,221) | $ 19,527,932 |
Shares | |||
RIGHT/WARRANT — 0.0%† of Net Assets | |||
Aerospace & Defense — 0.0%† | |||
17,500(d) | Avation Plc, 1/1/59 | $ — | |
Total Aerospace & Defense | $ — | ||
TOTAL RIGHT/WARRANT | |||
(Cost $—) | $ — |
Principal | |||
Amount USD ($) | |||
INSURANCE-LINKED SECURITIES — 0.7% of Net Assets# | |||
Event Linked Bonds — 0.6% | |||
Multiperil – Texas — 0.1% | |||
500,000(a) | Alamo Re, Ltd., 5.853%, (1 Month U.S. Treasury Bill + 504 bps), | ||
6/8/22 (144A) | $ 498,300 |
40 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal | ||
Amount USD ($) | Value | |
Multiperil – U.S. — 0.2% | ||
250,000(a) | Matterhorn Re, 5.875%, (SOFR + 525 bps), 3/24/25 (144A) | $ 249,325 |
250,000(a) | Matterhorn Re, 8.371%, (SOFR + 775 bps), 3/24/25 (144A) | 249,000 |
250,000(a) | Residential Reinsurance 2021, 6.313%, (3 Month U.S. Treasury | |
Bill + 550 bps), 12/6/25 (144A) | 247,750 | |
250,000(a) | Sanders Re II, 3.903%, (3 Month U.S. Treasury Bill + | |
325 bps), 4/7/25 (144A) | 248,450 | |
250,000(a) | Sanders Re III, 3.77%, (SOFR + 350 bps), 4/7/26 (144A) | 249,350 |
$ 1,243,875 | ||
Multiperil – U.S. & Canada — 0.1% | ||
250,000(a) | Vista Re, Ltd., 7.563%, (3 Month U.S. Treasury Bill + 675 bps), | |
5/21/24 (144A) | $ 248,075 | |
Multiperil – U.S. Regional — 0.0%† | ||
250,000(a) | Long Point Re III, 3.563%, (3 Month U.S. Treasury Bill + | |
275 bps), 6/1/22 (144A) | $ 247,750 | |
Windstorm – Florida — 0.1% | ||
500,000(a) | Integrity Re, 4.872%, (3 Month USD LIBOR + 438 bps), | |
6/10/22 (144A) | $ 498,950 | |
Windstorm – North Carolina — 0.1% | ||
250,000(a) | Cape Lookout Re, 5.813%, (3 Month U.S. Treasury Bill + | |
500 bps), 3/28/25 (144A) | $ 249,250 | |
500,000(a) | Cape Lookout Re, 7.043%, (1 Month U.S. Treasury Bill + | |
623 bps), 5/9/22 (144A) | 500,000 | |
$ 749,250 | ||
Total Event Linked Bonds | $ 3,486,200 |
Face | ||
Amount USD ($) | ||
Collateralized Reinsurance — 0.0%† | ||
Windstorm – Florida — 0.0%† | ||
300,000(d)(h)+ | Formby Re 2018, 2/28/23 | $ 26,853 |
Total Collateralized Reinsurance | $ 26,853 | |
Reinsurance Sidecars — 0.1% | ||
Multiperil – U.S. — 0.0%† | ||
400,000(d)(i)+ | Harambee Re 2018, 12/31/22 | $ 320 |
400,000(i)+ | Harambee Re 2019, 12/31/22 | 280 |
$ 600 | ||
Multiperil – Worldwide — 0.1% | ||
4,860(i)+ | Alturas Re 2019-2, 3/10/23 | $ 1,674 |
47,461(i)+ | Alturas Re 2020-2, 3/10/23 | 22,443 |
250,000(d)(h)+ | Bantry Re 2016, 3/31/23 | 15,112 |
1,635,886(d)(h)+ | Berwick Re 2018-1, 12/31/22 | 126,454 |
739,764(d)(h)+ | Berwick Re 2019-1, 12/31/22 | 88,402 |
5,700(h)+ | Eden Re II, 3/22/23 (144A) | 14,129 |
50,000(d)(h)+ | Eden Re II, 3/22/24 (144A) | 25,100 |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 41
Schedule of Investments | 4/30/22 (unaudited)
(continued)
Face | |||
Amount USD ($) | Value | ||
Multiperil – Worldwide — (continued) | |||
400,000(d)(h)+ | Merion Re 2018-2, 12/31/22 | $ 66,200 | |
600,000(d)(h)+ | Pangaea Re 2018-1, 12/31/22 | 12,633 | |
600,000(d)(h)+ | Pangaea Re 2018-3, 7/1/22 | 12,446 | |
491,548(d)(h)+ | Pangaea Re 2019-1, 2/1/23 | 10,242 | |
441,188(d)(h)+ | Pangaea Re 2019-3, 7/1/23 | 15,870 | |
486,388(d)(h)+ | Pangaea Re 2020-1, 2/1/24 | 10,322 | |
150,000(d)(h)+ | Sector Re V, 12/1/23 (144A) | 18,257 | |
10,000(h)+ | Sector Re V, 12/1/24 (144A) | 29,004 | |
253,645(d)(h)+ | Woburn Re 2018, 12/31/22 | 14,035 | |
74,914(d)(h)+ | Woburn Re 2019, 12/31/22 | 16,919 | |
$ 499,242 | |||
Total Reinsurance Sidecars | $ 499,842 | ||
TOTAL INSURANCE-LINKED SECURITIES | |||
(Cost $4,387,525) | $ 4,012,895 | ||
Shares | |||
INVESTMENT COMPANIES — 1.9% of Net Assets | |||
275,000 | Invesco Senior Loan ETF | $ 5,929,000 | |
112,225 | SPDR Blackstone Senior Loan ETF | 4,990,646 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $11,239,522) | $ 10,919,646 | ||
Principal | |||
Amount USD ($) | |||
SHORT TERM INVESTMENTS — 14.1% of Net Assets | |||
Repurchase Agreements — 3.1% | |||
6,000,000 | $6,00,000 Bank of America, 0.30%, dated 4/29/22 plus | ||
accrued interest on 5/2/22 collateralized by | |||
$6,120,001 Government National Mortgage Association, | |||
3.0%, 12/20/51-3/20/52 | $ 6,000,000 | ||
6,000,000 | $6,000,000 Scotia Capital Inc., 0.28%, dated 4/29/22 plus | ||
accrued interest on 5/2/22 collateralized by the following: | |||
$6,119,163 Federal Home Loan Mortgage Corporation, | |||
2.5%-8.0%, 7/1/24-4/1/50, | |||
$339 Federal National Mortgage Association, 4.0%-7.0%, | |||
11/1/33-8/1/44, | |||
$732 U.S. Treasury Notes, 1.375%, 10/31/28 | 6,000,000 | ||
6,000,000 | $6,000,000 RBC Dominion Securities Inc., 0.29%, dated | ||
4/29/22 plus accrued interest on 5/2/22 collateralized | |||
by the following: | |||
$3,625,248 Government National Mortgage Association, | |||
3.0%-4.0%, 12/15/46-8/20/50, | |||
$1,104,761 U.S. Treasury Bills, 7/5/22-8/2/22, | |||
$3,864 U.S. Treasury Bond, 2.25%, 5/15/41, | |||
$1,377,549 U.S. Treasury Notes, 1.0%-2.875%, 5/15/28-7/31/28, | |||
$8,727 U.S. Treasury Inflation-Protected Security, | |||
0.125%, 7/15/30 | 6,000,000 | ||
$ 18,000,000 |
42 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Shares | Value | |
Open-End Fund — 11.0% | ||
64,270,223(j) | Dreyfus Government Cash Management, Institutional | |
Shares, 0.24% | $ 64,270,223 | |
$ 64,270,223 | ||
TOTAL SHORT TERM INVESTMENTS | ||
(Cost $82,270,223) | $ 82,270,223 | |
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.5% | ||
(Cost $622,053,354) | $614,643,024 | |
OTHER ASSETS AND LIABILITIES — (5.5)% | $(32,227,443) | |
NET ASSETS — 100.0% | $582,415,581 |
bps | Basis Points. |
DDTL | Delayed Draw Term Loans. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
LIBOR | London Interbank Offered Rate. |
SOFR | Secured Overnight Financing Rate. |
(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 April 30, 2022, the value of these securities amounted to $24,682,805, or 4.2% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2022. |
(b) | This term loan will settle after April 30, 2022, at which time the interest rate will be determined. |
(c) | All or a portion of this position has not settled. Full contract rates do not take effect until settlement date. |
(d) | Non-income producing security. |
(e) | Security is perpetual in nature and has no stated maturity date. |
(f) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at April 30, 2022. |
(g) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(h) | Issued as participation notes. |
(i) | Issued as preference shares. |
(j) | Rate periodically changes. Rate disclosed is the 7-day yield at April 30, 2022. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at April 30, 2022. |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 43
Schedule of Investments | 4/30/22 (unaudited)
(continued)
† | 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 prices supplied by independent pricing services or broker dealers). |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alamo Re, Ltd. | 1/24/2022 | $503,850 | $498,300 |
Alturas Re 2019-2 | 12/19/2018 | 4,860 | 1,674 |
Alturas Re 2020-2 | 1/1/2020 | 47,461 | 22,443 |
Bantry Re 2016 | 2/6/2019 | 15,112 | 15,112 |
Berwick Re 2018-1 | 1/10/2018 | 238,948 | 126,454 |
Berwick Re 2019-1 | 12/31/2018 | 88,396 | 88,402 |
Cape Lookout Re | 3/25/2022 | 501,800 | 500,000 |
Cape Lookout Re | 3/16/2022 | 250,000 | 249,250 |
Eden Re II | 1/22/2019 | 668 | 14,129 |
Eden Re II | 12/23/2019 | 50,000 | 25,100 |
Formby Re 2018 | 7/9/2018 | 18,178 | 26,853 |
Harambee Re 2018 | 12/19/2017 | 8,492 | 320 |
Harambee Re 2019 | 12/20/2018 | — | 280 |
Integrity Re | 3/15/2022 | 501,875 | 498,950 |
Long Point Re III | 1/24/2022 | 250,500 | 247,750 |
Matterhorn Re | 3/10/2022 | 250,000 | 249,325 |
Matterhorn Re | 3/10/2022 | 250,000 | 249,000 |
Merion Re 2018-2 | 12/28/2017 | 16,461 | 66,200 |
Pangaea Re 2018-1 | 12/26/2017 | 85,805 | 12,633 |
Pangaea Re 2018-3 | 5/31/2018 | 144,517 | 12,446 |
Pangaea Re 2019-1 | 1/9/2019 | 5,160 | 10,242 |
Pangaea Re 2019-3 | 7/25/2019 | 13,236 | 15,870 |
Pangaea Re 2020-1 | 1/21/2020 | — | 10,322 |
Residential Reinsurance 2021 | 10/28/2021 | 250,000 | 247,750 |
Sanders Re II | 11/23/2021 | 250,000 | 248,450 |
Sanders Re III | 3/22/2022 | 250,000 | 249,350 |
Sector Re V | 12/4/2018 | 30,762 | 18,257 |
Sector Re V | 1/1/2020 | 10,000 | 29,004 |
Vista Re, Ltd. | 2/24/2022 | 251,938 | 248,075 |
Woburn Re 2018 | 3/20/2018 | 85,177 | 14,035 |
Woburn Re 2019 | 2/14/2019 | 14,329 | 16,919 |
Total Restricted Securities | $4,012,895 | ||
% of Net assets | 0.7% |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
In | ||||||
Currency | Exchange | Currency | Settlement | Unrealized | ||
Purchased | for | Sold | Deliver | Counterparty | Date | Appreciation |
USD | 571,532 | MXN | 11,660,000 | Bank of New York | 7/22/22 | $9,440 |
Mellon Corp. | ||||||
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $9,440 |
44 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION
Reference | Annual | Premiums | Unrealized | ||||
Notional | Obligation / | Pay/ | Fixed | Expiration | Paid/ | Appreciation | Market |
Amount ($)(1) | Index | Receive(2) | Rate | Date | (Received) | (Depreciation) | Value |
4,600,000 | Markit CDX North Receive | 5.00% | 6/20/25 | $ (7,249) | $177,293 | $170,044 | |
America High | |||||||
Yield Series 34 | |||||||
2,600,000 | Markit CDX North Receive | 5.00% | 6/22/27 | 146,995 | (90,922) | 56,073 | |
America High | |||||||
Yield Index | |||||||
Series 38 | |||||||
TOTAL CENTRALLY CLEARED CREDIT DEFAULT SWAP | |||||||
CONTRACTS – SELL PROTECTION | $139,746 | $ 86,371 | $226,117 | ||||
TOTAL SWAP CONTRACTS | $139,746 | $ 86,371 | $226,117 |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Receives quarterly. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
MXN — Mexican Peso
Purchases and sales of securities (excluding short term investments) for the six months ended April 30, 2022, aggregated $192,905,268 and $69,095,580, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the Amundi Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended April 30, 2022, the Fund did not engage in any cross trade activity.
At April 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $622,728,296 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 1,715,439 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (9,800,711) |
Net unrealized depreciation | $(8,085,272) |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 45
Schedule of Investments | 4/30/22 (unaudited)
(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 April 30, 2022, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |
Senior Secured Floating | ||||
Rate Loan Interests | $ — | $491,143,793 | $ — | $491,143,793 |
Common Stocks | ||||
Specialty Retail | — | — | 83,653 | 83,653 |
All Other Common Stocks | 706,225 | — | — | 706,225 |
Asset Backed Securities | — | 4,828,678 | — | 4,828,678 |
Commercial Mortgage- | ||||
Backed Securities | — | 1,149,979 | — | 1,149,979 |
Corporate Bonds | — | 19,527,932 | — | 19,527,932 |
Right/Warrant | — | — | — | — |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Windstorm – Florida | — | — | 26,853 | 26,853 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 600 | 600 |
Multiperil – Worldwide | — | — | 499,242 | 499,242 |
All Other Insurance- | ||||
Linked Securities | — | 3,486,200 | — | 3,486,200 |
Investment Companies | 10,919,646 | — | — | 10,919,646 |
Repurchase Agreements | 18,000,000 | — | — | 18,000,000 |
Open-End Fund | 64,270,223 | — | — | 64,270,223 |
Total Investments | ||||
in Securities | $93,896,094 | $520,136,582 | $610,348 | $614,643,024 |
Other Financial Instruments | ||||
Net unrealized appreciation | ||||
on forward foreign currency | ||||
exchange contracts | $ — | $ 9,440 | $ — | $ 9,440 |
Swap contracts, at value | — | 226,117 | — | 226,117 |
Total Other | ||||
Financial Instruments | $ — | $ 235,557 | $ — | $ 235,557 |
46 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Insurance- | |||
Common | Linked | ||
Stocks | Securities | Total | |
Balance as of 10/31/21 | $83,653 | $ 680,012 | $ 763,665 |
Realized gain (loss)(1) | — | (276,334) | (276,334) |
Changed in unrealized appreciation | |||
(depreciation)(2) | — | 168,623 | 168,623 |
Accrued discounts/premiums | — | (43,813) | (43,813) |
Purchases | — | — | — |
Sales | — | (1,793) | (1,793) |
Transfers in to Level 3* | — | — | — |
Transfers out of Level 3* | — | — | — |
Balance as of 4/30/22 | $83,653 | $ 526,695 | $ 610,348 |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period values. During the six months ended April 30, 2022, there were no transfers in or out of Level 3. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at April 30, 2022: $(21,502)
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 47
Statement of Assets and Liabilities | 4/30/22
(unaudited)
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $622,053,354) | $614,643,024 |
Cash | 807,282 |
Swaps collateral | 250,365 |
Swap contracts, at value (net premiums paid $139,746) | 226,117 |
Net unrealized appreciation on forward foreign currency | |
exchange contracts | 9,440 |
Receivables — | |
Investment securities sold | 8,491,767 |
Fund shares sold | 1,996,426 |
Interest | 1,582,371 |
Other assets | 75,234 |
Total assets | $628,082,026 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 42,604,889 |
Fund shares repurchased | 2,512,585 |
Distributions | 242,950 |
Trustees’ fees | 1,325 |
Due to Adviser | 6,423 |
Variation margin for centrally cleared swap contracts | 37,282 |
Unrealized depreciation on unfunded loan commitments | 16,803 |
Due to affiliates | 53,721 |
Accrued expenses | 190,467 |
Total liabilities | $ 45,666,445 |
NET ASSETS: | |
Paid-in capital | $649,329,238 |
Distributable earnings (loss) | (66,913,657) |
Net assets | $582,415,581 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $91,880,505/14,359,606 shares) | $ 6.40 |
Class C (based on $14,932,223/2,313,492 shares) | $ 6.45 |
Class Y (based on $475,602,853/73,617,429 shares) | $ 6.46 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $6.40 net asset value per share/100%-4.50% | |
maximum sales charge) | $ 6.70 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 4/30/22
INVESTMENT INCOME: | ||
Interest from unaffiliated issuers | $10,362,575 | |
Dividends from unaffiliated issuers | 233,215 | |
Total Investment Income | $10,595,790 | |
EXPENSES: | ||
Management fees | $ 1,524,293 | |
Administrative expenses | 64,930 | |
Transfer agent fees | ||
Class A | 105,259 | |
Class C | 3,366 | |
Class Y | 168,354 | |
Distribution fees | ||
Class A | 108,776 | |
Class C | 70,632 | |
Shareowner communications expense | 5,173 | |
Custodian fees | 15,566 | |
Registration fees | 42,711 | |
Professional fees | 40,159 | |
Printing expense | 29,688 | |
Pricing fees | 4,979 | |
Trustees’ fees | 9,868 | |
Insurance expense | 633 | |
Miscellaneous | 57,600 | |
Total expenses | $ 2,251,987 | |
Less fees waived and expenses reimbursed | ||
by the Adviser | (138,596) | |
Net expenses | $ 2,113,391 | |
Net investment income | $ 8,482,399 | |
REALIZED AND UNREALIZED GAIN (LOSS) | ||
ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ (129,237) | |
Forward foreign currency exchange contracts | (1,030) | |
Swap contracts | 123,848 | |
Other assets and liabilities denominated in | ||
foreign currencies | (3,593) | $ (10,012) |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ (9,535,536) | |
Forward foreign currency exchange contracts | 9,440 | |
Swap contracts | (329,222) | |
Unfunded loan commitments | (24,541) | |
Other assets and liabilities denominated in | ||
foreign currencies | 1,029 | $ (9,878,830) |
Net realized and unrealized gain (loss) on investments | $ (9,888,842) | |
Net decrease in net assets resulting from operations | $ (1,406,443) |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 49
Statements of Changes in Net Assets
Six Months | ||
Ended | ||
4/30/22 | Year Ended | |
(unaudited) | 10/31/21 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 8,482,399 | $ 11,048,971 |
Net realized gain (loss) on investments | (10,012) | (1,217,182) |
Change in net unrealized appreciation (depreciation) | ||
on investments | (9,878,830) | 13,993,073 |
Net increase (decrease) in net assets resulting | ||
from operations | $ (1,406,443) | $ 23,824,862 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.10 and $0.22 per share, respectively) | $ (1,305,756) | $ (2,633,249) |
Class C ($0.07 and $0.17 per share, respectively) | (156,232) | (435,079) |
Class Y ($0.11 and $0.24 per share, respectively) | (6,783,166) | (9,786,697) |
Total distributions to shareowners | $ (8,245,154) | $ (12,855,025) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $201,688,718 | $234,977,359 |
Reinvestment of distributions | 7,143,193 | 10,658,252 |
Cost of shares repurchased | (82,184,204) | (87,109,783) |
Net increase in net assets resulting from Fund | ||
share transactions | $126,647,707 | $158,525,828 |
Net increase in net assets | $116,996,110 | $169,495,665 |
NET ASSETS: | ||
Beginning of period | $465,419,471 | $295,923,806 |
End of period | $582,415,581 | $465,419,471 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Six Months | Six Months | |||
Ended | Ended | Year | Year | |
4/30/22 | 4/30/22 | Ended | Ended | |
Shares | Amount | 10/31/21 | 10/31/21 | |
(unaudited) | (unaudited) | Shares | Amount | |
Class A | ||||
Shares sold | 3,004,282 | $ 19,444,141 | 5,762,019 | $ 37,389,876 |
Reinvestment of | ||||
distributions | 195,639 | 1,262,951 | 386,829 | 2,509,354 |
Less shares repurchased | (1,801,255) | (11,654,451) | (4,211,927) | (27,302,925) |
Net increase | 1,398,666 | $ 9,052,641 | 1,936,921 | $ 12,596,305 |
Class C | ||||
Shares sold | 391,636 | $ 2,548,264 | 576,926 | $ 3,784,136 |
Reinvestment of | ||||
distributions | 22,586 | 147,095 | 62,237 | 406,737 |
Less shares repurchased | (314,423) | (2,052,652) | (1,795,606) | (11,723,528) |
Net increase (decrease) | 99,799 | $ 642,707 | (1,156,443) | $ (7,532,655) |
Class Y | ||||
Shares sold | 27,526,181 | $179,696,313 | 29,529,703 | $193,803,347 |
Reinvestment of | ||||
distributions | 879,468 | 5,733,147 | 1,181,269 | 7,742,161 |
Less shares repurchased | (10,518,653) | (68,477,101) | (7,351,746) | (48,083,330) |
Net increase | 17,886,996 | $116,952,359 | 23,359,226 | $153,462,178 |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 51
Financial Highlights
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class A | ||||||
Net asset value, beginning of period | $ 6.51 | $ 6.28 | $ 6.57 | $ 6.73 | $ 6.80 | $ 6.79 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.10 | $ 0.19 | $ 0.21 | $ 0.31 | $ 0.26 | $ 0.24 |
Net realized and unrealized gain (loss) on investments | (0.11) | 0.26 | (0.26) | (0.15) | (0.06) | 0.01 |
Net increase (decrease) from investment operations | $ (0.01) | $ 0.45 | $ (0.05) | $ 0.16 | $ 0.20 | $ 0.25 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.10) | $ (0.22) | $ (0.24) | $ (0.32) | $ (0.27) | $ (0.24) |
Total distributions | $ (0.10) | $ (0.22) | $ (0.24) | $ (0.32) | $ (0.27) | $ (0.24) |
Net increase (decrease) in net asset value | $ (0.11) | $ 0.23 | $ (0.29) | $ (0.16) | $ (0.07) | $ 0.01 |
Net asset value, end of period | $ 6.40 | $ 6.51 | $ 6.28 | $ 6.57 | $ 6.73 | $ 6.80 |
Total return (b) | (0.21)%(c) | 7.25% | (0.71)% | 2.42% | 2.96% | 3.71% |
Ratio of net expenses to average net assets | 1.05%(d) | 1.05% | 1.12% | 1.07% | 1.01% | 1.02% |
Ratio of net investment income (loss) to average net assets | 3.10%(d) | 2.89% | 3.31% | 4.64% | 3.89% | 3.54% |
Portfolio turnover rate | 14%(c) | 41% | 45% | 13% | 42% | 69% |
Net assets, end of period (in thousands) | $91,881 | $84,417 | $69,248 | $120,559 | $161,020 | $193,193 |
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 | 1.20%(d) | 1.26% | 1.17% | 1.11% | 1.01% | 1.02% |
Net investment income (loss) to average net assets | 2.95%(d) | 2.68% | 3.26% | 4.60% | 3.89% | 3.54% |
(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) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class C | ||||||
Net asset value, beginning of period | $ 6.57 | $ 6.34 | $ 6.57 | $ 6.74 | $ 6.80 | $ 6.79 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.08 | $ 0.14 | $ 0.17 | $ 0.26 | $ 0.21 | $ 0.19 |
Net realized and unrealized gain (loss) on investments | (0.13) | 0.26 | (0.21) | (0.16) | (0.05) | 0.01 |
Net increase (decrease) from investment operations | $ (0.05) | $ 0.40 | $ (0.04) | $ 0.10 | $ 0.16 | $ 0.20 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.07) | $ (0.17) | $ (0.19) | $ (0.27) | $ (0.22) | $ (0.19) |
Total distributions | $ (0.07) | $ (0.17) | $ (0.19) | $ (0.27) | $ (0.22) | $ (0.19) |
Net increase (decrease) in net asset value | $ (0.12) | $ 0.23 | $ (0.23) | $ (0.17) | $ (0.06) | $ 0.01 |
Net asset value, end of period | $ 6.45 | $ 6.57 | $ 6.34 | $ 6.57 | $ 6.74 | $ 6.80 |
Total return (b) | (0.74)%(c) | 6.39% | (0.54)% | 1.52% | 2.35% | 2.93% |
Ratio of net expenses to average net assets | 1.76%(d) | 1.85% | 1.80% | 1.77% | 1.76% | 1.77% |
Ratio of net investment income (loss) to average net assets | 2.39%(d) | 2.12% | 2.63% | 3.94% | 3.15% | 2.78% |
Portfolio turnover rate | 14%(c) | 41% | 45% | 13% | 42% | 69% |
Net assets, end of period (in thousands) | $14,932 | $14,538 | $21,352 | $39,105 | $68,364 | $79,057 |
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 | 1.76%(d) | 1.86% | 1.84% | 1.81% | 1.76% | 1.77% |
Net investment income (loss) to average net assets | 2.39%(d) | 2.11% | 2.59% | 3.90% | 3.15% | 2.78% |
(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) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 53
Financial Highlights (continued)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class Y | ||||||
Net asset value, beginning of period | $ 6.58 | $ 6.34 | $ 6.59 | $ 6.75 | $ 6.82 | $ 6.81 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.11 | $ 0.21 | $ 0.24 | $ 0.33 | $ 0.29 | $ 0.26 |
Net realized and unrealized gain (loss) on investments | (0.12) | 0.27 | (0.22) | (0.15) | (0.07) | 0.01 |
Net increase (decrease) from investment operations | $ (0.01) | $ 0.48 | $ 0.02 | $ 0.18 | $ 0.22 | $ 0.27 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.11) | $ (0.24) | $ (0.27) | $ (0.34) | $ (0.29) | $ (0.26) |
Total distributions | $ (0.11) | $ (0.24) | $ (0.27) | $ (0.34) | $ (0.29) | $ (0.26) |
Net increase (decrease) in net asset value | $ (0.12) | $ 0.24 | $ (0.25) | $ (0.16) | $ (0.07) | $ 0.01 |
Net asset value, end of period | $ 6.46 | $ 6.58 | $ 6.34 | $ 6.59 | $ 6.75 | $ 6.82 |
Total return (b) | (0.19)%(c) | 7.70% | 0.31% | 2.74% | 3.27% | 4.05% |
Ratio of net expenses to average net assets | 0.75%(d) | 0.75% | 0.71% | 0.70% | 0.70% | 0.70% |
Ratio of net investment income (loss) to average net assets | 3.41%(d) | 3.16% | 3.71% | 5.00% | 4.22% | 3.86% |
Portfolio turnover rate | 14%(c) | 41% | 45% | 13% | 42% | 69% |
Net assets, end of period (in thousands) | $475,603 | $366,465 | $205,324 | $336,472 | $713,216 | $593,640 |
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 | 0.78%(d) | 0.81% | 0.86% | 0.85% | 0.77% | 0.79% |
Net investment income (loss) to average net assets | 3.38%(d) | 3.10% | 3.56% | 4.85% | 4.15% | 3.77% |
(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) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Notes to Financial Statements | 4/30/22
(unaudited)
1. Organization and Significant Accounting Policies
Pioneer Floating Rate Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust VI (“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 produce a high level of current income.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class K shares did not have assets or shareholders as of April 30, 2021. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 55
contract modifications that occur during the period from March 12, 2020 through December 31, 2023. 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.
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.
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,
56 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
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.
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 or an insurance industry valuation model to provide an estimated value of the instrument.
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of funds that are listed on an exchange, including exchange-listed closed-end funds and exchange-traded funds (ETFs), are valued by using the last sale price on the principal exchange where they are traded.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 57
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At April 30, 2022, 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 0.01% of net assets. The value of this fair valued security was $83,653.
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.
58 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. 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 October 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.
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.
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.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 59
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $12,855,025 |
Total | $12,855,025 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 358,002 |
Capital loss carryforward | (59,234,204) |
Current year dividend payable | (250,118) |
Net unrealized appreciation | 1,864,260 |
Total | $(57,262,060) |
The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, the mark to market of swap contracts, the tax treatment of premium and amortization, adjustments relating to Insurance-Linked Securities, the tax adjustments relating to credit default swaps, preferred stocks and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $2,415 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2022.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 5). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
60 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
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.
F. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 61
Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non- U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the
62 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund invests primarily in floating rate loans and other floating rate investments. Floating rate loans typically are rated below investment grade. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. Below investment grade securities, including floating rate loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities.
Certain securities in which the Fund invests, including floating rate loans, once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund’s ability to meet redemptions. To the extent that sale proceeds of loans are not available, the Fund may sell securities that have shorter settlement periods or may access other sources of liquidity to meet redemption requests. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods.
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Fund will vary depending on, among other things, existing fallback provisions in individual contracts
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 63
and whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. In March, 2022, the U.S. federal government enacted legislation to establish a process for replacing LIBOR in existing contracts that do not already provide for the use of a clearly defined or practicable replacement benchmark rate as described in the legislation. Generally speaking, for contracts that do not contain a fallback provision as described in the legislation, a benchmark replacement recommended by the Federal Reserve Board will effectively automatically replace the USD LIBOR benchmark in the contract after June 30, 2023. The recommended benchmark replacement will be based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including any recommended spread adjustment and benchmark replacement conforming changes. The process of transitioning from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Fund. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as 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 cyberattacks. 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,
64 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
G. Restricted Securities
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at April 30, 2022 are listed in the Schedule of Investments.
H. 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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 65
reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete 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.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.
Open repurchase agreements at April 30, 2022, are disclosed in the Schedule of Investments.
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J. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 8).
During the six months ended April 30, 2022, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
The average market value of forward foreign currency exchange contracts open during the six months ended April 30, 2022 was $187,364 of forward foreign currency to sell.
K. 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
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 67
obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty.
Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as “Variation margin for centrally cleared swap contracts” on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either “Due from broker for swaps” or “Due to broker for
68 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
swaps” on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at April 30, 2022, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the six months ended April 30, 2022, was $320,682. Open credit default swap contracts at April 30, 2022, are listed in the Schedule of Investment.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.60% of the Fund’s average daily net assets up to $500 million, 0.55% of the next $1.5 billion of the Fund’s average daily net assets, and 0.50% of the Fund’s average daily net assets over $2 billion. For the six months ended April 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.60% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) to the extent required to reduce fund expenses to 1.05% and 0.75% of the average daily net assets attributable to Class A and Class Y shares, respectively. These expense limitations are in effect through March 1, 2023. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the six months ended April 30, 2022, are reflected on the Statement of Operations.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $49,579 in management fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the six months ended April 30, 2022, the Fund paid $9,868 in Trustees’ compensation, which is
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 69
reflected on the Statement of Operations as Trustees’ fees. At April 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $1,325.
4. Transfer Agent
For the period from November 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended April 30, 2022, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications | |
Class A | $3,720 |
Class C | 507 |
Class Y | 946 |
Total | $5,173 |
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 $4,142 in distribution fees payable to the Distributor at April 30, 2022.
In addition, redemptions of each Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A
70 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended April 30, 2022, CDSCs in the amount of $3,710 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 2, 2022, the Fund participates in a credit facility in the amount of $380 million. Prior to February 2, 2022, the Fund participated in a facility in the amount of $450 million. Under such credit facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2022, the Fund had no borrowings under the credit facility.
7. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 71
determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral”. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2022.
Derivative Assets | Derivatives | Non-Cash | Cash | Net Amount | |
Subject to Master | Available for | Collateral | Collateral | of Derivative | |
Counterparty | Netting Agreement | Offset | Received (a) | Received (a) | Assets (b) |
Bank of New | |||||
York Mellon | |||||
Corp. | $9,440 | $ — | $ — | $ — | $9,440 |
Total | $9,440 | $ — | $ — | $ — | $9,440 |
(a) | The amount presented here may be less than the total amount of collateral received/pledged, as the net amount of derivative assets and liabilities cannot be less than $0. |
(b) | Represents the net amount due from the counterparty in the event of default. |
72 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2022, was as follows:
Statement of Assets and Liabilities | |||||
Foreign | |||||
Interest | Credit | Exchange | Equity | Commodity | |
Rate Risk | Risk | Rate Risk | Risk | Risk | |
Net unrealized | |||||
appreciation on | |||||
forward foreign | |||||
currency exchange | |||||
contracts | $ — | $ — | $ 9,440 | $ — | $ — |
Swap contracts, | |||||
at value | — | 226,116 | — | — | — |
Total Value | $ — | $226,116 | $ 9,440 | $ — | $ — |
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 73
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2022, was as follows:
Statement of Operations | |||||
Foreign | |||||
Interest | Credit | Exchange | Equity | Commodity | |
Rate Risk | Risk | Rate Risk | Risk | Risk | |
Net Realized Gain | |||||
(Loss) on | |||||
Forward foreign | |||||
currency exchange | |||||
contracts | $ — | $ — | $(1,030) | $ — | $ — |
Swap contracts | — | 123,848 | — | — | — |
Total Value | $ — | $ 123,848 | $(1,030) | $ — | $ — |
Change in Net | |||||
Unrealized | |||||
Appreciation | |||||
(Depreciation) on | |||||
Forward foreign | |||||
currency exchange | |||||
contracts | $ — | $ — | $ 9,440 | $ — | $ — |
Swap contracts | — | (329,222) | — | — | — |
Total Value | $ — | $ (329,222) | $ 9,440 | $ — | $ — |
9. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.
74 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
As of April 30, 2022, the Fund had the following unfunded loan commitments outstanding:
Unrealized | ||||
Appreciation | ||||
Loan | Principal | Cost | Value | (Depreciation) |
ARC Falcon I Inc. | $ 254,777 | $ 253,606 | $ 248,344 | $ (5,262) |
athenahealth, Inc. | 615,942 | 614,274 | 610,245 | (4,029) |
CP Iris Holdco I, Inc. | 166,667 | 166,667 | 163,802 | (2,865) |
East West | ||||
Manufacturing LLC | 266,667 | 264,057 | 263,667 | (390) |
Medical Solutions Holdings, Inc. | 160,000 | 159,258 | 158,933 | (325) |
Osmosis Buyer Limited, Incremental | ||||
Delayed Draw Term Loan | 166,667 | 166,667 | 164,306 | (2,361) |
Perrigo Company PLC | 272,727 | 270,686 | 272,045 | 1,359 |
Project Watson Bridge Loan | 1,896,400 | 1,896,400 | 1,896,400 | — |
Refficiency Holdings LLC | 315,771 | 315,771 | 313,666 | (2,105) |
Service Logic Acquisition, Inc. | 57,089 | 56,636 | 56,376 | (260) |
Trident TPI Holdings, Inc. | 53,143 | 53,143 | 52,578 | (565) |
Total Value | $4,225,850 | $4,217,165 | $4,200,362 | $(16,803) |
10. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Floating Rate Fund | Semiannual Report | 4/30/22 75
Trustees, Officers and Service Providers
Trustees | Officers |
Thomas J. Perna, Chairman | Lisa M. Jones, President and |
John E. Baumgardner, Jr. | Chief Executive Officer |
Diane Durnin | Anthony J. Koenig, Jr., Treasurer |
Benjamin M. Friedman | and Chief Financial and |
Lisa M. Jones | Accounting Officer |
Craig C. MacKay | Christopher J. Kelley, Secretary and |
Lorraine H. Monchak | Chief Legal Officer |
Marguerite A. Piret | |
Fred J. Ricciardi | |
Kenneth J. Taubes |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
76 Pioneer Floating Rate Fund | Semiannual Report | 4/30/22
How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
Call us for: | |
Account Information, including existing accounts, | |
new accounts, prospectuses, applications | |
and service forms | 1-800-225-6292 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 9897
Providence, R.I. 02940-8097
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com/us |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us. |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 20856-15-0622
Pioneer Flexible Opportunities Fund
Semiannual Report | April 30, 2022
A: PMARX | C: PRRCX | K: FLEKX | R: MUARX | Y: PMYRX |
visit us: www.amundi.com/us
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 1
President’s Letter
Dear Shareholders,
For two years now, investors have faced unprecedented challenges, as the COVID-19 pandemic has not only dominated the headlines since March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected the everyday lives of each of us. With 2022 now well underway, the situation, while improved, has continued to evolve.
Widespread distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations in the US and had a positive effect on overall market sentiment during most of the 2021 calendar year. The passage of two additional fiscal stimulus packages by US lawmakers in December 2020 and January 2021 also helped drive a strong market rally. Then, the late-2021 emergence of the highly infectious Omicron variant of the virus led to surges in cases and hospitalizations, especially outside of the US, but also in certain areas of this country. That development contributed to a slowdown in the global economic recovery, as some foreign governments reinstated strict virus-containment measures that had been relaxed after the rollout of the vaccines. Many of those renewed restrictions were lifted as case numbers again began to decline during the late-winter months, but it appears the possibility of further virus-containment measures could be with us for a while longer, given that occasional surges in new cases have continued to arise, particularly in non-US locations.
In the US, while performance of most asset classes, especially equities, was positive for the full 2021 calendar year, 2022, so far, has featured a less-friendly market environment. Volatility in the fixed-income markets has remained high and we have seen negative returns for most asset classes. Meanwhile, equity markets, both domestic and global, have experienced significant underperformance over the first several months of the year. Concerns over global supply chain issues, rising inflation, the enactment of less-accommodative monetary policies from the Federal Reserve System (Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater uncertainty and an increase in market volatility. In addition, Russia's recent incursion into Ukraine has resulted in even greater market volatility, as economic sanctions placed on Russia by many Western countries have exacerbated the existing supply-chain issues and helped drive energy prices, including gas prices, to very high levels.
In our view, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt greater effects than others, and could continue to struggle for quite some time. Of course, geopolitical concerns, whether they are related to the conflict in Ukraine or other crises in different areas of the globe, can always have an effect on the markets, and so our investment teams will remain vigilant and continue to monitor the geopolitical landscape.
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At the outset of the pandemic, we temporarily closed our offices and instituted a work-from-home policy, but have since re-opened our US locations. However, we have been maintaining all the necessary precautions, which at times may have us working more remotely than in person in order to ensure a safe working environment as new variants of the COVID-19 virus continue to arise and spread. I am proud of the careful planning that has taken place. Throughout the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after so many months of remote working.
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
June 2022
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 3
Portfolio Management Discussion | 4/30/22
In the following discussion, Michele Garau and Howard Weiss review recent market events and describe the factors that affected the performance of Pioneer Flexible Opportunities Fund during the six-month period ended April 30, 2022. Mr. Garau, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Weiss, CFA, a senior vice president and a portfolio manager at Amundi US, are responsible for the management of the Fund, along with Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, US, and a portfolio manager at Amundi US.
Q | How did the Fund perform during the six-month period ended April 30, 2022? |
A | Pioneer Flexible Opportunities Fund’s Class A shares returned -13.59% at net asset value during the six-month period ended April 30, 2022, while the Fund’s benchmark, the Bloomberg US Treasury TIPS 1-10 Year Index (the Bloomberg Index), returned -1.96%. During the same period, the average return of the 276 mutual funds in Morningstar’s Tactical Allocation Funds category was -9.22%. |
Q | How would you describe the investment environment over the six-month period ended April 30, 2022? |
A | The past six months proved to be a very challenging time for market participants. Three key factors dampened investor sentiment and led to heightened volatility during the period. |
First, the emergence of the Omicron variant of COVID-19 sparked a sizable sell-off in riskier assets in mid-November 2021. Although the negative reaction was short lived, investors soon had to contend with a larger issue: the US Federal Reserve’s (Fed’s) shift toward tighter monetary policy. In late November, the Fed announced its intention to fight rising inflation by tapering its quantitative easing (bond purchase) program, while signaling that it was likely to begin raising short-term interest rates. While the Fed only increased the target range for the federal funds rate once before the end of the period – a quarter-point hike on March 17, 2022 – markets still came under heavy pressure from expectations that more rate hikes were on the way before year-end.
4 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Finally, Russia’s invasion of Ukraine in February was the third important headwind for market performance during the period. In addition to creating added uncertainty and weighing on the economic outlook for Europe, the invasion exacerbated the already troublesome supply chain disruptions and further fanned concerns about inflation. Not least, the resulting sanctions placed on Russia by the US and some European nations caused Russia’s stock market to decline substantially over the course of a single week in late February.
In combination, those factors led to a sharp downturn in stock prices across the globe. Virtually all major equity categories lost ground in the ensuing sell-off, but energy and other commodity-related sectors held up reasonably well. On the other hand, growth stocks, European equities, and the emerging markets stocks lagged.
Fixed-income securities also generated poor performance over the six-month period, with the shift in policy by the Fed and other central banks weighing heavily on government debt across the globe, in particular. Credit-sensitive investments (such as corporate, high-yield, and emerging markets bonds) were also hit hard, due to the combination of higher yields and increasing spreads. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.)
Q | Could you discuss some of the investment decisions that factored into the Fund’s benchmark-relative performance during the six-month period ended April 30, 2022? |
A | The Fund’s large weighting in equities versus fixed income was the key driver of benchmark-relative underperformance over the six-month period. While this aspect of our investment approach has been a positive contributor to relative returns over time, more recently, it has been a detractor from the Fund’s performance comparisons compared with the benchmark Bloomberg Index. |
Much of the shortfall came from the Fund’s positions in four Russian stocks, via holdings of American Depositary Receipts (ADRs). Although the holdings made up only a little more than 2% of the portfolio’s total invested assets, the stocks’ decline in share price to near zero due to the economic sanctions placed on Russia had a meaningful effect on benchmark-relative results. A number of portfolio positions in the technology and health care sectors, both of which lagged amid the larger sell-off in growth stocks, also detracted from the Fund’s benchmark-relative performance. Conversely, positions in resource-related stocks
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 5
(including many in the energy and materials sectors) contributed positively to relative returns for the period. The Fund’s holdings in Brazil-based equities also registered positive gains, as did the portfolio’s allocation to commodities.
Consistent with the broader market environment, the Fund’s bond portfolio posted an overall negative return for the six-month period. In contrast, the Bloomberg Index held up much better than fixed-income assets in general, due to the outperformance of Treasury Inflation Protected Securities (TIPS).
Q | Did the Fund have any exposure to derivatives during the six-month period ended April 30, 2022? If so, how did the use of derivatives affect the Fund’s performance? |
A | We used derivatives across a broad spectrum of asset classes as part of our strategy of striving to establish specific market and issuer exposures within the portfolio, and to attempt to manage downside risk. The derivative instruments we used included equity, fixed-income, and commodity futures; credit-linked securities; long and short positions in exchange-traded funds (ETFs); forward foreign currency contracts; Treasury futures contracts; and options on both indices and individual securities. We believe derivatives have continued to offer an efficient way for us to manage the Fund’s allocations without having to make material changes to its core portfolio holdings. Since we use derivatives in an effort to achieve the Fund’s risk/return objectives, we feel that evaluating them within the context of the entire portfolio, rather than as a standalone investment strategy, is the proper view. Our use of derivatives contributed to performance in the six-month reporting period by offsetting some of the weakness in the equity and fixed-income markets. |
Q | How would you characterize your broader thinking and the Fund’s positioning as of April 30, 2022? |
A | Recent events have led to increased volatility in the markets, and the trends in place throughout most of 2020 and 2021 have largely reversed as the stress of economic risk has become very high. In this environment, there have been many forces at play. On one hand, the economy has benefited from a broader reopening as the COVID-19 pandemic has slowly moved into an endemic stage. On the other hand, persistent and even worsening issues with the global supply chain have been a key headwind for the markets, particularly in the wake of Russia’s invasion of Ukraine. |
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We believe the increase in inflation may persist for a while, and that the corresponding increases in commodity prices could have a significant impact on consumers. In addition, we think companies in the industrials sector may experience lower profit margins if they are unable to pass along rising input costs to their customers.
For our part, we have continued to emphasize the fundamental factors that we think could place the Fund in an advantageous position, no matter the outcomes of current geopolitical issues. We think the portfolio features strong diversification*, and we have maintained a focus on investments in the stocks and fixed-income securities of companies with robust balance sheets and, in our view, attractive valuations.
The Fund’s major investment themes remained largely in place over the course of the six-month period. However, we trimmed or eliminated some of the Fund’s positions in Russian bonds and reallocated the proceeds into other emerging markets investments, including the government bonds of South Africa, Brazil, and Uruguay. The portfolio’s fixed-income holdings are primarily allocated to the government debt of countries that offer a combination of higher yields and, in our opinion, sound fundamentals. In addition, holdings of “bond proxies” - including real estate and utilities stocks - have remained a key component within the Fund’s asset allocation.
We believe a top-down, long-term investment approach is the most appropriate course, given the Fund’s objectives. The Fund remains diversified on a global scale, with holdings in the US and foreign markets. We think current conditions have continued to underscore our preference for equities over fixed income, notwithstanding the recent weakness in stocks. At the end of April, the Fund had an allocation of roughly 78% to equities (including real estate investment trusts, or REITs, but excluding hedges), with weightings of 34% in North American-domiciled companies; 33% in other developed economies; and 11% in the emerging markets. In the United States, we have found opportunities in mortgage REITs, where book values and dividends** have continued to increase, as well as in the defense, health care, and information technology sectors.
We have maintained the Fund’s allocations to Asia, including China, due to both attractive valuations and the longer-term growth potential of that country’s economy. The Fund’s primary positions in China were in the consumer discretionary (retail and autos) and financials sectors. We
* | Diversification does not ensure a profit nor protect against loss. |
** | Dividends are not guaranteed. |
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 7
have also found valuations to be attractive in Europe, and have focused the portfolio’s investments on utilities, industrials, and insurance companies in the European region.
Although the Fund underperformed its benchmark over the past six months, we believe our flexible, go-anywhere approach to investing could be well suited to a time of elevated uncertainty and wide divergences in the economic fundamentals of countries, regions, and sectors.
Please refer to the Schedule of Investments on pages 19–29 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
The Fund has the ability to invest in a wide variety of securities and asset classes.
The Fund may invest in underlying funds (including ETFs). In addition to the Fund’s operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.
The Fund and some of the underlying funds employ leverage through the use of derivatives, which increases the volatility of investment returns and subjects the Fund to magnified losses if the Fund or an underlying fund’s investments decline in value.
The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
The Fund and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit to the amount of loss on an appreciating security that is sold short.
The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap.
8 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
The Fund may invest in insurance-linked securities. The return of principal and the payment of interest on insurance-linked bonds are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude.
The Fund may invest in commodity-linked derivatives. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies.
Investments in equity securities are subject to price fluctuation.
Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks.
International investments are subject to special risks, including currency fluctuations, and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.
Investments in fixed-income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed-income securities will generally fall.
Prepayment risk is the chance that an issuer may exercise its right to repay 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 Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to prepayments.
High-yield bonds possess greater price volatility, illiquidity, and possibility of default.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund’s risks.
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 Flexible Opportunities Fund | Semiannual Report | 4/30/22 9
Sector Distribution
(As a percentage of total investments)*
Portfolio Diversification
(As a percentage of total investments)*
† Amount rounds to less than 0.1%.
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/1/31 | 3.84% |
2. | Republic of South Africa Government Bond, 8.25%, 3/31/32 | 3.47 |
3. | ETFMG Prime Cyber Security ETF | 2.65 |
4. | Invesco DB Agriculture Fund, 5/10/22 | 2.51 |
5. | Indonesia Treasury Bond, 8.375%, 9/15/26 | 2.39 |
6. | Archer-Daniels-Midland Co. | 1.69 |
7. | Zurich Insurance Group AG | 1.50 |
8. | Ladder Capital Corp. | 1.46 |
9. | New Residential Investment Corp. | 1.41 |
10. | China Resources Land, Ltd. | 1.39 |
* | Excludes short-term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
10 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Prices and Distributions | 4/30/22
Net Asset Value per Share
Class | 4/30/22 | 10/31/21 |
A | $12.30 | $14.45 |
C | $12.00 | $14.10 |
K | $12.30 | $14.44 |
R | $12.09 | $14.20 |
Y | $12.36 | $14.52 |
Distributions per Share: 11/1/21–4/30/22
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.1215 | $ — | $0.0863 |
C | $0.0631 | $ — | $0.0863 |
K | $0.1420 | $ — | $0.0863 |
R | $0.0881 | $ — | $0.0863 |
Y | $0.1412 | $ — | $0.0863 |
Index Definitions
The Bloomberg U.S. Treasury TIPS 1-10 Year Index is an unmanaged index comprised of U.S. Treasury Inflation Protected Securities (TIPS) having a maturity of at least 1 year and less than 10 years. 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 12–16.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 11
Performance Update | 4/30/22 | Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Flexible Opportunities Fund at public offering price during the periods shown, compared to that of the Bloomberg U.S. Treasury TIPS 1–10 Year Index.
Average Annual Total Returns | |||
(As of April 30, 2022) | |||
BBG | |||
Net | Public | U.S. Treasury | |
Asset | Offering | TIPS | |
Value | Price | 1-10 Year | |
Period | (NAV) | (POP) | Index |
10 Years | 5.01% | 4.53% | 2.02% |
5 Years | 4.48 | 3.52 | 3.59 |
1 Year | -12.30 | -16.23 | 1.52 |
Expense Ratio | |
(Per prospectus dated March 1, 2022) | |
Gross | Net |
1.28% | 1.23% |
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. POP returns reflect deduction of maximum 4.50% sales charge. NAV 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 March 1, 2023 for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
12 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Flexible Opportunities Fund during the periods shown, compared to that of the Bloomberg U.S. Treasury TIPS 1–10 Year Index.
Average Annual Total Returns | |||
(As of April 30, 2022) | |||
BBG | |||
U.S. Treasury | |||
TIPS | |||
If | If | 1-10 Year | |
Period | Held | Redeemed | Index |
10 Years | 4.21% | 4.21% | 2.02% |
5 Years | 3.68 | 3.68 | 3.59 |
1 Year | -13.02 | -13.88 | 1.52 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
2.02% |
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the five- and 10-year periods. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 13
Performance Update | 4/30/22 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Flexible Opportunities Fund during the periods shown, compared to that of the Bloomberg U.S. Treasury TIPS 1–10 Year Index.
Average Annual Total Returns | ||
(As of April 30, 2022) | ||
BBG | ||
Net | U.S. Treasury | |
Asset | TIPS | |
Value | 1-10 Year | |
Period | (NAV) | Index |
10 Years | 5.14% | 2.02% |
5 Years | 4.74 | 3.59 |
1 Year | -12.03 | 1.52 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
0.93% |
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 June 22, 2018, 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 on June 22, 2018, would have been higher than the performance shown. For the period beginning June 22, 2018, 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.
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 Flexible Opportunities Fund | Semiannual Report | 4/30/22
Performance Update | 4/30/22 | Class R Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Flexible Opportunities Fund during the periods shown, compared to that of the Bloomberg U.S. Treasury TIPS 1–10 Year Index.
Average Annual Total Returns | ||
(As of April 30, 2022) | ||
BBG | ||
Net | U.S. Treasury | |
Asset | TIPS | |
Value | 1-10 Year | |
Period | (NAV) | Index |
10 Years | 4.33% | 2.02% |
5 Years | 3.56 | 3.59 |
1 Year | -12.90 | 1.52 |
Expense Ratio |
(Per prospectus dated March 1, 2022) |
Gross |
1.96% |
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 September 13, 2013, is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning September 13, 2013, 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 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 Flexible Opportunities Fund | Semiannual Report | 4/30/22 15
Performance Update | 4/30/22 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Flexible Opportunities Fund during the periods shown, compared to that of the Bloomberg U.S. Treasury TIPS 1–10 Year Index.
Average Annual Total Returns | ||
(As of April 30, 2022) | ||
BBG | ||
Net | U.S. Treasury | |
Asset | TIPS | |
Value | 1-10 Year | |
Period | (NAV) | Index |
10 Years | 5.32% | 2.02% |
5 Years | 4.79 | 3.59 |
1 Year | -12.05 | 1.52 |
Expense Ratio | |
(Per prospectus dated March 1, 2022) | |
Gross | Net |
1.02% | 0.93% |
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 March 1, 2023 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
16 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $1,000 = 8.6
(2) | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Flexible Opportunities Fund
Based on actual returns from November 1, 2021 through April 30, 2022.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||||
Ending Account Value | $864.10 | $860.50 | $866.10 | $862.40 | $865.40 |
(after expenses) on | |||||
4/30/22 | |||||
Expenses Paid | $5.50 | $8.95 | $3.98 | $7.71 | $4.16 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.19%, 1.94%, 0.86%, 1.67%, and 0.90% 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 181/365 (to reflect the one-half year period). |
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 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) 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 Flexible Opportunities Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2021 through April 30, 2022.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/21 | |||||
Ending Account Value | $1,018.89 | $1,015.17 | $1,020.53 | $1,016.51 | $1,020.33 |
(after expenses) on | |||||
4/30/22 | |||||
Expenses Paid | $5.96 | $9.69 | $4.31 | $8.35 | $4.51 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.19%, 1.94%, 0.86%, 1.67%, and 0.90% 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 181/365 (to reflect the one-half year period). |
18 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited)
Shares | Value | |
UNAFFILIATED ISSUERS — 98.6% | ||
COMMON STOCKS — 73.3% of Net Assets | ||
Aerospace & Defense — 2.6% | ||
19,054 | Curtiss-Wright Corp. | $ 2,723,007 |
199,525(a) | Leonardo S.p.A. | 2,067,843 |
6,737 | MTU Aero Engines AG | 1,376,309 |
9,492 | Thales S.A. | 1,221,657 |
Total Aerospace & Defense | $ 7,388,816 | |
Airlines — 0.9% | ||
100,677(a) | Controladora Vuela Cia de Aviacion S.A.B de CV (A.D.R.) | $ 1,602,778 |
14,453(a) | Copa Holdings S.A., Class A | 1,089,322 |
Total Airlines | $ 2,692,100 | |
Automobiles — 0.1% | ||
427(a) | Tesla, Inc. | $ 371,814 |
Total Automobiles | $ 371,814 | |
Banks — 10.8% | ||
568,575 | Banco BPM S.p.A. | $ 1,815,650 |
498,633 | Bank for Foreign Trade of Vietnam JSC | 1,756,675 |
4,822,800 | Bank Mandiri Persero Tbk PT | 2,977,448 |
7,120,500 | Bank Rakyat Indonesia Persero Tbk PT | 2,392,001 |
65,264 | BAWAG Group AG (144A) | 3,147,834 |
19,448 | Comerica, Inc. | 1,592,791 |
89,702 | Erste Group Bank AG | 2,806,759 |
2,229,502(a) | Eurobank Ergasias Services and Holdings S.A. | 2,351,543 |
196,813 | FinecoBank Banca Fineco S.p.A. | 2,766,641 |
59,623 | ICICI Bank, Ltd. | 579,753 |
143,221 | ING Groep NV | 1,374,928 |
26,224 | KB Financial Group, Inc. | 1,221,420 |
516,418 | NatWest Group Plc | 1,415,626 |
4,107,000 | Postal Savings Bank of China Co., Ltd., Class H (144A) | 3,140,308 |
17,852(a)+^ | TCS Group Holding Plc (G.D.R.) | 32,134 |
30,771 | Truist Financial Corp. | 1,487,778 |
Total Banks | $ 30,859,289 | |
Capital Markets — 3.6% | ||
66,080 | AllianceBernstein Holding LP | $ 2,630,645 |
41,550 | Lazard, Ltd., Class A | 1,361,593 |
25,773 | Morgan Stanley | 2,077,046 |
17,948 | Raymond James Financial, Inc. | 1,749,212 |
6,136 | S&P Global, Inc. | 2,310,204 |
Total Capital Markets | $ 10,128,700 | |
Chemicals — 1.1% | ||
625,000 | Petronas Chemicals Group Bhd | $ 1,467,210 |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 19
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited) (continued)
Shares | Value | |
Chemicals — (continued) | ||
12,500 | Shin-Etsu Chemical Co., Ltd. | $ 1,732,325 |
Total Chemicals | $ 3,199,535 | |
Commercial Services & Supplies — 1.9% | ||
24,727 | Republic Services, Inc. | $ 3,320,094 |
12,244 | Waste Management, Inc. | 2,013,404 |
Total Commercial Services & Supplies | $ 5,333,498 | |
Construction & Engineering — 0.3% | ||
8,708 | Vinci S.A. | $ 852,875 |
Total Construction & Engineering | $ 852,875 | |
Construction Materials — 0.2% | ||
12,513 | Holcim AG | $ 619,379 |
Total Construction Materials | $ 619,379 | |
Electric Utilities — 1.7% | ||
11,655 | Acciona S.A. | $ 2,305,395 |
205,691 | Iberdrola S.A. | 2,389,101 |
Total Electric Utilities | $ 4,694,496 | |
Electronic Equipment, Instruments & Components — 1.1% | ||
7,378(a) | Teledyne Technologies, Inc. | $ 3,183,976 |
Total Electronic Equipment, Instruments & Components | $ 3,183,976 | |
Equity Real Estate Investment Trusts (REITs) — 1.8% | ||
1,568,900 | Ascendas Real Estate Investment Trust | $ 3,244,553 |
462,782 | Frasers Logistics & Commercial Trust | 485,219 |
18,528 | SL Green Realty Corp. | 1,282,508 |
Total Equity Real Estate Investment Trusts (REITs) | $ 5,012,280 | |
Food & Staples Retailing — 1.0% | ||
117,535+^ | Magnit PJSC (G.D.R.) | $ 46,427 |
18,473 | Walmart, Inc. | 2,826,184 |
Total Food & Staples Retailing | $ 2,872,611 | |
Food Products — 1.6% | ||
49,463 | Archer-Daniels-Midland Co. | $ 4,429,906 |
Total Food Products | $ 4,429,906 | |
Gas Utilities — 0.8% | ||
435,775 | Snam S.p.A. | $ 2,401,582 |
Total Gas Utilities | $ 2,401,582 | |
Health Care Equipment & Supplies — 1.1% | ||
5,573(a) | Edwards Lifesciences Corp. | $ 589,512 |
3,046(a) | IDEXX Laboratories, Inc. | 1,311,242 |
66,100 | Olympus Corp. | 1,176,073 |
Total Health Care Equipment & Supplies | $ 3,076,827 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Shares | Value | |
Health Care Providers & Services — 2.5% | ||
7,121 | Anthem, Inc. | $ 3,574,244 |
7,015 | UnitedHealth Group, Inc. | 3,567,478 |
Total Health Care Providers & Services | $ 7,141,722 | |
Hotels, Restaurants & Leisure — 1.8% | ||
250,141(a) | NH Hotel Group S.A. | $ 935,477 |
89,145 | OPAP S.A. | 1,333,537 |
74,699(a) | Six Flags Entertainment Corp. | 2,858,730 |
Total Hotels, Restaurants & Leisure | $ 5,127,744 | |
Insurance — 9.6% | ||
77,451 | ASR Nederland NV | $ 3,541,178 |
565,009 | Aviva Plc | 3,078,469 |
120,494 | AXA S.A. | 3,236,352 |
63,761 | ICICI Prudential Life Insurance Co., Ltd. (144A) | 438,530 |
65,019 | NN Group NV | 3,219,699 |
279,031 | Poste Italiane S.p.A. (144A) | 2,760,543 |
6,070 | Swiss Life Holding AG | 3,575,544 |
63,900 | Tokio Marine Holdings, Inc. | 3,456,090 |
8,578 | Zurich Insurance Group AG | 3,932,079 |
Total Insurance | $ 27,238,484 | |
IT Services — 0.7% | ||
14,003 | International Business Machines Corp. | $ 1,851,337 |
Total IT Services | $ 1,851,337 | |
Life Sciences Tools & Services — 1.8% | ||
5,902 | Danaher Corp. | $ 1,482,169 |
6,554 | Thermo Fisher Scientific, Inc. | 3,623,838 |
Total Life Sciences Tools & Services | $ 5,106,007 | |
Metals & Mining — 2.5% | ||
89,275 | Barrick Gold Corp. | $ 1,991,725 |
58,556 | BHP Group, Ltd. | 1,986,305 |
1,191,200 | Press Metal Aluminium Holdings Bhd | $ 1,638,978 |
86,800 | Vale S.A. | 1,462,307 |
Total Metals & Mining | $ 7,079,315 | |
Mortgage Real Estate Investment Trusts (REITs) — 7.4% | ||
203,706 | Angel Oak Mortgage, Inc. | $ 3,291,889 |
93,430 | Blackstone Mortgage Trust, Inc., Class A | 2,806,637 |
80,842 | BrightSpire Capital, Inc. | 687,157 |
58,806 | Great Ajax Corp. | 547,484 |
335,020 | Ladder Capital Corp. | 3,815,878 |
354,559 | New Residential Investment Corp. | 3,687,414 |
329,590 | Redwood Trust, Inc. | 3,197,023 |
128,365 | Starwood Property Trust, Inc. | 2,936,991 |
Total Mortgage Real Estate Investment Trusts (REITs) | $ 20,970,473 |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 21
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited) (continued)
Shares | Value | |
Oil, Gas & Consumable Fuels — 2.4% | ||
210,214 | Eni S.p.A. | $ 2,969,437 |
45,047+^ | LUKOIL PJSC (A.D.R.) | 111,942 |
419,100 | Petroleo Brasileiro S.A. | 2,834,718 |
21,066 | TotalEnergies SE | 1,049,508 |
Total Oil, Gas & Consumable Fuels | $ 6,965,605 | |
Pharmaceuticals — 1.2% | ||
19,203 | Sanofi | $ 2,049,725 |
8,078 | Zoetis, Inc. | 1,431,826 |
Total Pharmaceuticals | $ 3,481,551 | |
Real Estate Management & Development — 3.4% | ||
690,600 | Ascendas India Trust | $ 629,203 |
806,000 | China Resources Land, Ltd. | 3,625,819 |
318 | KWG Living Group Holdings, Ltd. | 121 |
709,000 | Longfor Group Holdings, Ltd. (144A) | 3,523,767 |
25,100 | Nomura Real Estate Holdings, Inc. | 610,214 |
1,057,000 | S-Enjoy Service Group Co., Ltd. | 1,244,639 |
Total Real Estate Management & Development | $ 9,633,763 | |
Road & Rail — 0.2% | ||
19,158 | CSX Corp. | $ 657,886 |
Total Road & Rail | $ 657,886 | |
Semiconductors & Semiconductor Equipment — 2.6% | ||
3,719 | ASML Holding NV | $ 2,150,001 |
3,400 | Disco Corp. | 840,994 |
8,343 | Microchip Technology, Inc. | 543,964 |
20,345 | Micron Technology, Inc. | 1,387,325 |
6,000 | Tokyo Electron, Ltd. | 2,565,055 |
Total Semiconductors & Semiconductor Equipment | $ 7,487,339 | |
Software — 2.0% | ||
9,927 | Microsoft Corp. | $ 2,754,941 |
5,420(a) | Palo Alto Networks, Inc. | 3,042,138 |
Total Software | $ 5,797,079 | |
Specialty Retail — 0.4% | ||
82,064(a) | Watches of Switzerland Group Plc (144A) | $ 1,053,584 |
Total Specialty Retail | $ 1,053,584 | |
Textiles, Apparel & Luxury Goods — 1.4% | ||
7,590 | Cie Financiere Richemont S.A. | $ 901,203 |
9,996 | EssilorLuxottica S.A. | 1,727,317 |
2,218 | LVMH Moet Hennessy Louis Vuitton SE | 1,449,555 |
Total Textiles, Apparel & Luxury Goods | $ 4,078,075 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Shares | Value | |
Thrifts & Mortgage Finance — 0.9% | ||
54,757 | PennyMac Financial Services, Inc. | $ 2,659,000 |
Total Thrifts & Mortgage Finance | $ 2,659,000 | |
Trading Companies & Distributors — 1.3% | ||
48,492(a) | AerCap Holdings NV | $ 2,265,061 |
60,200 | Mitsui & Co., Ltd. | 1,461,222 |
Total Trading Companies & Distributors | $ 3,726,283 | |
Water Utilities — 0.4% | ||
1,152,000 | China Water Affairs Group, Ltd. | $ 1,271,355 |
Total Water Utilities | $ 1,271,355 | |
Wireless Telecommunication Services — 0.2% | ||
47,386 | Bharti Airtel, Ltd. | $ 458,099 |
Total Wireless Telecommunication Services | $ 458,099 | |
TOTAL COMMON STOCKS | ||
(Cost $204,443,587) | $208,902,385 | |
Principal | ||
Amount USD ($) | ||
CONVERTIBLE CORPORATE BONDS — 0.2% | ||
of Net Assets | ||
Internet — 0.2% | ||
729,000(b) | Pinduoduo, Inc., 12/1/25 | $ 641,884 |
Total Internet | $ 641,884 | |
TOTAL CONVERTIBLE CORPORATE BONDS | ||
(Cost $640,678) | $ 641,884 | |
CORPORATE BONDS — 0.7% of Net Assets | ||
Mining — 0.7% | ||
752,000 | Gold Fields Orogen Holdings BVI, Ltd., 6.125%, | |
5/15/29 (144A) | $ 793,360 | |
1,039,000 | Teck Resources, Ltd., 6.125%, 10/1/35 | 1,145,356 |
Total Mining | $ 1,938,716 | |
TOTAL CORPORATE BONDS | ||
(Cost $2,019,030) | $ 1,938,716 | |
Shares | ||
PREFERRED STOCK — 0.0%† of Net Assets | ||
Equity Real Estate Investment Trusts (REITs) — 0.0%† | ||
204(a)^ | Wheeler Real Estate Investment Trust, Inc. | $ 45,951 |
Total Equity Real Estate Investment Trusts (REITs) | $ 45,951 | |
TOTAL PREFERRED STOCK | ||
(Cost $167,705) | $ 45,951 |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 23
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited) (continued)
Principal | ||
Amount USD ($) | Value | |
FOREIGN GOVERNMENT BONDS — 10.9% | ||
of Net Assets | ||
Brazil — 4.0% | ||
BRL 55,833,000 | Brazil Notas do Tesouro Nacional Serie F, | |
10.000%, 1/1/31 | $ 10,029,693 | |
1,765,000 | Brazilian Government International Bond, | |
5.000%, 1/27/45 | 1,419,096 | |
Total Brazil | $ 11,448,789 | |
Indonesia — 2.2% | ||
IDR 84,471,000,000 | Indonesia Treasury Bond, 8.375%, 9/15/26 | $ 6,255,838 |
Total Indonesia | $ 6,255,838 | |
Mexico — 0.5% | ||
MXN 34,386,200 | Mexican Bonos, 5.750%, 3/5/26 | $ 1,504,069 |
Total Mexico | $ 1,504,069 | |
Russia — 0.2% | ||
RUB 260,822,000 | Russian Federal Bond - OFZ, 7.000%, 8/16/23 | $ 223,901 |
RUB 230,742,000 | Russian Federal Bond - OFZ, 8.150%, 2/3/27 | 198,079 |
Total Russia | $ 421,980 | |
Saudi Arabia — 0.4% | ||
1,217,000 | Saudi Government International Bond, 3.250%, | |
10/22/30 (144A) | $ 1,175,057 | |
Total Saudi Arabia | $ 1,175,057 | |
South Africa — 3.2% | ||
ZAR 164,683,190 | Republic of South Africa Government Bond, | |
8.250%, 3/31/32 | $ 9,077,519 | |
Total South Africa | $ 9,077,519 | |
Uruguay — 0.4% | ||
898,643 | Uruguay Government International Bond, | |
7.875%, 1/15/33 | $ 1,160,292 | |
Total Uruguay | $ 1,160,292 | |
TOTAL FOREIGN GOVERNMENT BONDS | ||
(Cost $39,009,911) | $ 31,043,544 | |
Shares | ||
INVESTMENT COMPANIES — 4.3% of Net Assets | ||
133,022 | ETFMG Prime Cyber Security ETF | $ 6,929,116 |
49,248 | FCF US Quality ETF | 2,382,126 |
GBP 1,926(a)(e) | Ossiam Shiller Barclays Cape US Sector Value TR | 2,138,765 |
51,757 | VanEck Vietnam ETF | 881,939 |
Total Investment Companies | ||
(Cost $11,147,090) | $ 12,331,946 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Shares | Value | |
COMMODITY POOL FUND — 2.3% of Net Assets | ||
297,800(a)(c) | Invesco DB Agriculture Fund | $ 6,572,446 |
Total Commodity Pool Fund | ||
(Cost $6,562,158) | $ 6,572,446 | |
SHORT TERM INVESTMENTS — 6.9% of Net | ||
Assets | ||
Open-End Fund — 6.9% | ||
19,529,915(c)(d) | Dreyfus Government Cash Management, | |
Institutional Shares, 0.24% | $ 19,529,915 | |
$ 19,529,915 | ||
TOTAL SHORT TERM INVESTMENTS | ||
(Cost $19,529,915) | $ 19,529,915 | |
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.6% | ||
(Cost $283,520,074) | $281,006,787 | |
OTHER ASSETS AND LIABILITIES — 1.4% | $ 4,119,799 | |
NET ASSETS — 100.0% | $285,126,586 |
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2022, the value of these securities amounted to $16,032,983, or 5.6% of net assets. |
(a) | Non-income producing security. |
(b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(c) | All or a portion of this security is held by Flexible Opportunities Commodity Fund Ltd. |
(d) | Rate periodically changes. Rate disclosed is the 7-day yield at April 30, 2022. |
(e) | Security is exempt from registration under Regulation S. |
+ | Security that used significant unobservable inputs to determine its value. |
^ | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
† | Amount rounds to less than 0.1%. |
FUTURES CONTRACTS | |||||
INTEREST CONTRACT | |||||
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Long | Description | Date | Amount | Value | (Depreciation) |
49 | US 10 Year Note | 6/21/22 | $ 5,866,342 | $ 5,838,656 | $ (27,686) |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 25
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited) (continued)
CURRENCY FUTURES CONTRACTS | |||||
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Short | Description | Date | Amount | Value | Appreciation |
151 | Euro FX | 6/13/22 | $(20,493,950) | $(19,986,738) | $ 507,212 |
Currency Futures | |||||
100 | Japanese YEN | 6/13/22 | (9,959,558) | (9,668,750) | 290,808 |
Currency Futures | |||||
$(30,453,508) | $(29,655,488) | $ 798,020 |
INDEX FUTURES CONTRACTS | |||||
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Long | Description | Date | Amount | Value | (Depreciation) |
69 | Dow Jones | 6/17/22 | $ 2,909,064 | $ 2,774,490 | $(134,574) |
U.S. Real Estate | |||||
27 | NASDAQ | 6/17/22 | 7,634,783 | 6,940,080 | (694,703) |
100 E- Mini | |||||
$ 10,543,847 | $ 9,714,570 | $(829,277) |
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Short | Description | Date | Amount | Value | (Depreciation) |
266 | Euro Stoxx 50 | 6/17/22 | $(10,462,808) | $ (10,483,840) | $ (21,032) |
207 | MSCI China Free | 6/17/22 | (5,101,150) | (5,164,650) | (63,500) |
23 | Nikkei 225 | 6/9/22 | (3,031,984) | (3,077,975) | (45,991) |
$(18,595,942) | $ (18,726,465) | $(130,523) | |||
TOTAL FUTURES CONTRACTS | $(32,639,261) | $(32,828,727) | $(189,466) |
SWAP CONTRACTS | |||||||
OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACT – SELL PROTECTION | |||||||
Reference | |||||||
Notional | Obligation/ | Pay/ | Expiration | Unrealized | Market | ||
Amount ($)(1) | Counterparty | Index | Receive(2) | Coupon | Date | (Depreciation) | Value |
10,258,759 | Goldman Sachs | Goldman Sachs | Pay | (3 Month | |||
International | Total Cash | USD | 9/15/22 | $(176,945) | $(176,945) | ||
Return Index* | LIBOR + | ||||||
39bps) | |||||||
TOTAL OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACT – | |||||||
SELL PROTECTION | $(176,945) | $(176,945) | |||||
TOTAL SWAP CONTRACTS | $(176,945) | $(176,945) |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Pays quarterly. |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
BRL — Brazil Real
GBP — Great British Pound
IDR — Indonesian Rupiah
MXN — Mexican Peso
RUB — Russia Ruble
ZAR — South Africa Rand
* | The following table shows the individual positions and related values of the securities underlying each total return swap contract with Goldman Sachs International, as of April 30, 2022: |
Share | Security | ||
Name | Allocation | Value | % of basket |
AbbVie, Inc. | 34 | $ (5,029) | 2.84% |
AES Corp. | 199 | (4,076) | 2.30% |
American Airlines Group, Inc. | 53 | (994) | 0.56% |
American International Group, Inc. | 37 | (2,169) | 1.23% |
Ameriprise Financial, Inc. | 18 | (4,688) | 2.65% |
AmerisourceBergen Corp. | 28 | (4,163) | 2.35% |
Apple, Inc. | 63 | (9,911) | 5.60% |
Applied Materials, Inc. | 56 | (6,135) | 3.47% |
Archer-Daniels-Midland Co. | 49 | (4,420) | 2.50% |
Assurant, Inc. | 23 | (4,267) | 2.41% |
Boeing Co. | 12 | (1,818) | 1.03% |
Capital One Financial Corp. | 28 | (3,500) | 1.98% |
Capri Holdings, Ltd. | 60 | (2,885) | 1.63% |
Cigna Corp. | 9 | (2,211) | 1.25% |
Corning, Inc. | 78 | (2,754) | 1.56% |
DENTSPLY SIRONA, Inc. | 36 | (1,428) | 0.81% |
Discover Financial Services | 36 | (4,057) | 2.29% |
eBay, Inc. | 68 | (3,509) | 1.98% |
Equity Residential | 35 | (2,849) | 1.61% |
F5, Inc. | 17 | (2,927) | 1.65% |
General Electric Co. | 10 | (726) | 0.41% |
Gilead Sciences, Inc. | 33 | (1,954) | 1.10% |
HCA Healthcare, Inc. | 27 | (5,752) | 3.25% |
HP, Inc. | 120 | (4,394) | 2.48% |
Lumen Technologies, Inc. | 88 | (885) | 0.50% |
LyondellBasell Industries NV | 27 | (2,824) | 1.60% |
McDonald’s Corp. | 16 | (4,020) | 2.27% |
Monster Beverage Corp. | 50 | (4,263) | 2.41% |
Motorola Solutions, Inc. | 26 | (5,612) | 3.17% |
Navient Corp. | 148 | (2,360) | 1.33% |
NetApp, Inc. | 57 | (4,150) | 2.35% |
NRG Energy, Inc. | 134 | (4,796) | 2.71% |
ONEOK, Inc. | 43 | (2,718) | 1.54% |
Paramount | 34 | (988) | 0.56% |
Proctor & Gamble Co. | 26 | (4,151) | 2.35% |
PulteGroup, Inc. | 100 | (4,159) | 2.35% |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 27
Schedule of Investments | 4/30/22 (Consolidated)
(unaudited) (continued)
Share | Security | ||
Name | Allocation | Value | % of basket |
Qorvo, Inc. | 33 | $ (3,776) | 2.13% |
Quest Diagnostics, Inc. | 21 | (2,864) | 1.62% |
Seagate Technology Plc | 54 | (4,397) | 2.49% |
Sysco Corp. | 43 | (3,650) | 2.06% |
Target Corp. | 40 | (9,243) | 5.22% |
TransDigm Group, Inc. | 9 | (5,443) | 3.08% |
Tyson Foods, Inc. | 35 | (3,273) | 1.85% |
United Airlines Holdings, Inc. | 32 | (1,624) | 0.92% |
Valero Energy Corp. | 35 | (3,896) | 2.20% |
Western Union Co. | 114 | (1,905) | 1.08% |
Westinghouse Air Brake Technologies Corp. | — | (38) | 0.02% |
Weyerhaeuser Co. | 67 | (2,748) | 1.55% |
Williams Cos., Inc. | 74 | (2,528) | 1.43% |
Yum! Brands, Inc. | 34 | (4,018) | 2.27% |
Totals | $(176,945) | 100.00% |
Purchases and sales of securities (excluding short term investments) for the six months ended April 30, 2022 were as follows:
Purchases | Sales | |
Long-Term U.S. Government Securities | $ 6,819,182 | $ 6,754,498 |
Other Long-Term Securities | $239,341,806 | $250,484,966 |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which the Amundi Asset Management US, Inc. (the "Adviser") serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended April 30, 2022, the Fund did not engage in any cross trade activity.
At April 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $285,458,748 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 23,654,179 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (28,472,551) |
Net unrealized depreciation | $ (4,818,372) |
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements —Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
The following is a summary of the inputs used as of April 30, 2022, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Banks | $ 30,827,155 | $ — | $ 32,134 | $ 30,859,289 |
Food & Staples Retailing | 2,826,184 | — | 46,427 | 2,872,611 |
Oil, Gas & Consumable Fuels | 6,853,663 | — | 111,942 | 6,965,605 |
All Other Common Stocks | 168,204,880 | — | — | 168,204,880 |
Convertible Corporate Bonds | — | 641,884 | — | 641,884 |
Corporate Bonds | — | 1,938,716 | — | 1,938,716 |
Preferred Stock | 45,951 | — | — | 45,951 |
Foreign Government Bonds | — | 31,043,544 | — | 31,043,544 |
Investment Companies | 12,331,946 | — | — | 12,331,946 |
Commodity Pool Fund | 6,572,446 | — | — | 6,572,446 |
Open-End Fund | 19,529,915 | — | — | 19,529,915 |
Total Investments in Securities | $247,192,140 | $33,624,144 | $190,503 | $281,006,787 |
Other Financial Instruments | ||||
Net unrealized depreciation | ||||
on futures contracts | $ (189,466) | $ — | $ — | $ (189,466) |
Swap contracts, at value | — | (176,945) | — | (176,945) |
Total Other Financial | ||||
Instruments | $ (189,466) | $ (176,945) | $ — | $ (366,411) |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Common | |
Stocks | |
Balance as of 10/31/21 | $ — |
Realized gain (loss)(1) | (1,218,461) |
Changed in unrealized appreciation (depreciation)(2) | (7,955,596) |
Accrued discounts/premiums | — |
Purchases | 3,812,314 |
Sales | (1,128,049) |
Transfers in to Level 3* | 6,680,295 |
Transfers out of Level 3* | — |
Balance as of 4/30/22 | $ 190,503 |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period values. During the six months ended April 30, 2022 investments having aggregate value of $6,680,295 were transferred from Level 2 to Level 3, due to valuing the security using unobservable inputs. There were no other transfers in or out of Level 3 during the period. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
and considered Level 3 at April 30, 2022: | $(7,955,596) |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 29
Statement of Assets and Liabilities | 4/30/22
(Consolidated) (unaudited)
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $283,520,074) | $281,006,787 |
Cash | 4 |
Foreign currencies, at value (cost $323,795) | 317,092 |
Futures collateral | 3,087,305 |
Repatriation of taxes | 116,667 |
Receivables — | |
Investment securities sold | 3,121,807 |
Fund shares sold | 137,935 |
Dividends | 1,525,859 |
Interest | 778,786 |
Due from the Adviser | 274 |
Other assets | 61,544 |
Total assets | $290,154,060 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 3,325,217 |
Fund shares repurchased | 307,883 |
Trustees' fees | 918 |
Variation margin for futures contracts | 1,021,651 |
Swap contracts, at value | 176,945 |
Due to affiliates | 35,139 |
Accrued expenses | 159,721 |
Total liabilities | $ 5,027,474 |
NET ASSETS: | |
Paid-in capital | $287,399,569 |
Distributable earnings (loss) | (2,272,983) |
Net assets | $285,126,586 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $86,416,258/7,025,920 shares) | $ 12.30 |
Class C (based on $21,206,303/1,766,665 shares) | $ 12.00 |
Class K (based on $83,993,287/6,830,610 shares) | $ 12.30 |
Class R (based on $212,827/17,610 shares) | $ 12.09 |
Class Y (based on $93,297,911/7,549,827 shares) | $ 12.36 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $12.30 net asset value per share/100%-4.50% | |
maximum sales charge) | $ 12.88 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Statement of Operations (Consolidated) (unaudited)
FOR THE SIX MONTHS ENDED 4/30/22
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers (net of foreign | ||
taxes withheld $296,817) | $ 3,811,512 | |
Interest from unaffiliated issuers (net of foreign | ||
taxes withheld $(20,157)) | 1,001,508 | |
Total Investment Income | $ 4,813,020 | |
EXPENSES: | ||
Management fees | $ 1,171,377 | |
Administrative expenses | 50,061 | |
Transfer agent fees | ||
Class A | 33,502 | |
Class C | 11,318 | |
Class K | 44 | |
Class R | 393 | |
Class Y | 47,665 | |
Distribution fees | ||
Class A | 119,579 | |
Class C | 133,952 | |
Class R | 621 | |
Shareowner communications expense | 9,436 | |
Custodian fees | 53,084 | |
Registration fees | 51,320 | |
Professional fees | 61,279 | |
Printing expense | 6,514 | |
Pricing fees | 561 | |
Trustees' fees | 6,118 | |
Miscellaneous | 28,126 | |
Total expenses | $ 1,784,950 | |
Less fees waived and expenses reimbursed by the Adviser | (59,288) | |
Net expenses | $ 1,725,662 | |
Net investment income | $ 3,087,358 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers (net of foreign | ||
capital gains tax of $(106,529)) | $ (606,535) | |
Futures contracts | 2,336,776 | |
Swap contracts | (56,592) | |
Other assets and liabilities denominated in | ||
foreign currencies | (613,958) | $ 1,059,691 |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers (net of foreign | ||
capital gains tax of $158,734) | $(50,033,215) | |
Futures contracts | (17,693) | |
Swap contracts | (433,063) | |
Other assets and liabilities denominated in | ||
foreign currencies | 3,723 | $(50,480,248) |
Net realized and unrealized gain (loss) on investments | $(49,420,557) | |
Net decrease in net assets resulting from operations | $(46,333,199) |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 31
Statements of Changes in Net Assets
(Consolidated)
Six Months | ||
Ended | ||
4/30/22 | Year Ended | |
(unaudited) | 10/31/21 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 3,087,358 | $ 5,388,481 |
Net realized gain (loss) on investments | 1,059,691 | 67,068,625 |
Change in net unrealized appreciation | ||
(depreciation) on investments | (50,480,248) | 26,234,384 |
Net increase (decrease) in net assets | ||
resulting from operations | $(46,333,199) | $ 98,691,490 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.21 and $0.13 per share, respectively) | $ (1,458,751) | $ (938,849) |
Class C ($0.15 and $0.01 per share, respectively) | (325,754) | (29,980) |
Class K ($0.23 and $0.18 per share, respectively) | (1,656,042) | (1,531,190) |
Class R ($0.18 and $0.12 per share, respectively) | (3,301) | (2,089) |
Class Y ($0.23 and $0.18 per share, respectively) | (1,788,368) | (1,533,928) |
Total distributions to shareowners | $ (5,232,216) | $ (4,036,036) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 12,421,912 | $ 45,503,829 |
Reinvestment of distributions | 4,666,189 | 3,592,983 |
Cost of shares repurchased | (37,306,700) | (122,557,651) |
Net decrease in net assets resulting from | ||
Fund share transactions | $(20,218,599) | $ (73,460,839) |
Net increase (decrease) in net assets | $(71,784,014) | $ 21,194,615 |
NET ASSETS: | ||
Beginning of period | $356,910,600 | $ 335,715,985 |
End of period | $285,126,586 | $ 356,910,600 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Six Months | Six Months | |||
Ended | Ended | Year | Year | |
4/30/22 | 4/30/22 | Ended | Ended | |
Shares | Amount | 10/31/21 | 10/31/21 | |
(unaudited) | (unaudited) | Shares | Amount | |
Class A | ||||
Shares sold | 538,386 | $ 7,364,569 | 1,890,808 | $ 25,528,862 |
Reinvestment of | ||||
distributions | 94,311 | 1,294,766 | 61,470 | 833,630 |
Less shares repurchased | (658,879) | (8,922,049) | (1,999,386) | (26,499,682) |
Net decrease | (26,182) | $ (262,714) | (47,108) | $ (137,190) |
Class C | ||||
Shares sold | 39,242 | $ 532,176 | 148,225 | $ 2,000,259 |
Reinvestment of | ||||
distributions | 22,874 | 308,769 | 2,176 | 27,986 |
Less shares repurchased | (586,924) | (7,827,969) | (2,320,208) | (30,470,173) |
Net decrease | (524,808) | $ (6,987,024) | (2,169,807) | $ (28,441,928) |
Class K | ||||
Shares sold | 52,933 | $ 708,057 | 303,037 | $ 4,325,902 |
Reinvestment of | ||||
distributions | 120,682 | 1,654,066 | 112,559 | 1,530,475 |
Less shares repurchased | (748,024) | (9,848,633) | (2,375,724) | (33,271,934) |
Net decrease | (574,409) | $ (7,486,510) | (1,960,128) | $ (27,415,557) |
Class R | ||||
Shares sold | 1,618 | $ 21,758 | 7,054 | $ 97,981 |
Reinvestment of | ||||
distributions | 243 | 3,301 | 166 | 2,089 |
Less shares repurchased | (6,852) | (95,396) | (1,601) | (22,270) |
Net increase | ||||
(decrease) | (4,991) | $ (70,337) | 5,619 | $ 77,800 |
Class Y | ||||
Shares sold | 275,879 | $ 3,795,352 | 979,913 | $ 13,550,825 |
Reinvestment of | ||||
distributions | 101,944 | 1,405,287 | 87,757 | 1,198,803 |
Less shares repurchased | (781,765) | (10,612,653) | (2,376,172) | (32,293,592) |
Net decrease | (403,942) | $ (5,412,014) | (1,308,502) | $ (17,543,964) |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 33
Financial Highlights (Consolidated)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class A | ||||||
Net asset value, beginning of period | $ 14.45 | $ 11.14 | $ 12.04 | $ 12.69 | $ 14.17 | $ 12.03 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.12 | $ 0.19 | $ 0.18 | $ 0.13 | $ 0.19 | $ 0.14 |
Net realized and unrealized gain (loss) on investments | (2.06) | 3.25 | (0.80) | 0.54 | (0.44) | 2.12 |
Net increase (decrease) from investment operations | $ (1.94) | $ 3.44 | $ (0.62) | $ 0.67 | $ (0.25) | $ 2.26 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.12) | $ (0.13) | $ (0.28) | $ (0.11) | $ (0.35) | $ (0.12) |
Net realized gain | (0.09) | — | — | (1.21) | (0.88) | — |
Total distributions | $ (0.21) | $ (0.13) | $ (0.28) | $ (1.32) | $ (1.23) | $ (0.12) |
Net increase (decrease) in net asset value | $ (2.15) | $ 3.31 | $ (0.90) | $ (0.65) | $ (1.48) | $ 2.14 |
Net asset value, end of period | $ 12.30 | $ 14.45 | $ 11.14 | $ 12.04 | $ 12.69 | $ 14.17 |
Total return (b) | (13.59)%(c) | 31.00% | (5.28)% | 5.85% | (2.08)% | 18.96% |
Ratio of net expenses to average net assets | 1.19%(d) | 1.20% | 1.20% | 1.20% | 1.14% | 1.18% |
Ratio of net investment income (loss) to average net assets | 1.78%(d) | 1.37% | 1.54% | 1.12% | 1.35% | 1.38% |
Portfolio turnover rate | 83%(c) | 215% | 233% | 168% | 255% | 292% |
Net assets, end of period (in thousands) | $86,416 | $101,891 | $79,089 | $100,339 | $142,760 | $140,278 |
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 | 1.21%(d) | 1.25% | 1.27% | 1.23% | 1.14% | 1.18% |
Net investment income (loss) to average net assets | 1.76%(d) | 1.32% | 1.47% | 1.09% | 1.35% | 1.38% |
(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) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class C | ||||||
Net asset value, beginning of period | $ 14.10 | $ 10.85 | $ 11.75 | $ 12.45 | $ 13.95 | $ 11.88 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.06 | $ 0.06 | $ 0.08 | $ 0.04 | $ 0.07 | $ 0.04 |
Net realized and unrealized gain (loss) on investments | (2.01) | 3.20 | (0.77) | 0.53 | (0.42) | 2.09 |
Net increase (decrease) from investment operations | $ (1.95) | $ 3.26 | $ (0.69) | $ 0.57 | $ (0.35) | $ 2.13 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.06) | $ (0.01) | $ (0.21) | $ (0.06) | $ (0.27) | $ (0.06) |
Net realized gain | (0.09) | — | — | (1.21) | (0.88) | — |
Total distributions | $ (0.15) | $ (0.01) | $ (0.21) | $ (1.27) | $ (1.15) | $ (0.06) |
Net increase (decrease) in net asset value | $ (2.10) | $ 3.25 | $ (0.90) | $ (0.70) | $ (1.50) | $ 2.07 |
Net asset value, end of period | $ 12.00 | $ 14.10 | $ 10.85 | $ 11.75 | $ 12.45 | $ 13.95 |
Total return (b) | (13.95)%(c) | 30.04% | (6.01)% | 5.03% | (2.83)% | 18.01% |
Ratio of net expenses to average net assets | 1.94%(d) | 1.99% | 1.98% | 1.97% | 1.91% | 1.93% |
Ratio of net investment income (loss) to average net assets | 0.95%(d) | 0.48% | 0.74% | 0.37% | 0.55% | 0.34% |
Portfolio turnover rate | 83%(c) | 215% | 233% | 168% | 255% | 292% |
Net assets, end of period (in thousands) | $21,206 | $32,299 | $48,426 | $85,398 | $122,305 | $148,591 |
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 | 1.96%(d) | 1.99% | 2.01% | 1.97% | 1.91% | 1.93% |
Net investment income (loss) to average net assets | 0.93%(d) | 0.48% | 0.71% | 0.37% | 0.55% | 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, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 35
Financial Highlights (Consolidated) (continued)
Six Months | |||||
Ended | Year | Year | Year | ||
4/30/22 | Ended | Ended | Ended | 6/22/18* to | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Class K | |||||
Net asset value, beginning of period | $ 14.44 | $ 11.14 | $ 12.03 | $ 12.69 | $ 13.67 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ 0.14 | $ 0.23 | $ 0.22 | $ 0.17 | $ 0.06 |
Net realized and unrealized gain (loss) on investments | (2.05) | 3.25 | (0.80) | 0.53 | (1.00) |
Net increase (decrease) from investment operations | $ (1.91) | $ 3.48 | $ (0.58) | $ 0.70 | $ (0.94) |
Distributions to shareowners: | |||||
Net investment income | $ (0.14) | $ (0.18) | $ (0.31) | $ (0.15) | $ (0.04) |
Net realized gain | (0.09) | — | — | (1.21) | — |
Total distributions | $ (0.23) | $ (0.18) | $ (0.31) | $ (1.36) | $ (0.04) |
Net increase (decrease) in net asset value | $ (2.14) | $ 3.30 | $ (0.89) | $ (0.66) | $ (0.98) |
Net asset value, end of period | $ 12.30 | $ 14.44 | $ 11.14 | $ 12.03 | $ 12.69 |
Total return (b) | (13.39)%(c) | 31.33% | (4.92)% | 6.14% | (2.00)%(c) |
Ratio of net expenses to average net assets | 0.86%(d) | 0.90% | 0.90% | 0.88% | 0.88%(d) |
Ratio of net investment income (loss) to average net assets | 2.08%(d) | 1.63% | 1.93% | 1.48% | 1.28%(d) |
Portfolio turnover rate | 83%(c) | 215% | 233% | 168% | 255%(c) |
Net assets, end of period (in thousands) | $83,993 | $106,948 | $104,316 | $89,092 | $69,449 |
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 | 0.88%(d) | 0.90% | 0.93% | 0.88% | 0.88%(d) |
Net investment income (loss) to average net assets | 2.06%(d) | 1.63% | 1.91% | 1.48% | 1.28% |
* | Class K shares commenced operations on June 22, 2018. |
(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) | Not annualized. |
(d) | Annualized. |
36 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class R | ||||||
Net asset value, beginning of period | $14.20 | $11.02 | $11.75 | $ 12.60 | $14.11 | $12.00 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.08 | $ 0.09 | $ 0.12 | $ (0.05)(b) | $ 0.10 | $ 0.08 |
Net realized and unrealized gain (loss) on investments | (2.01) | 3.21 | (0.81) | 0.48 | (0.43) | 2.11 |
Net increase (decrease) from investment operations | $ (1.93) | $ 3.30 | $ (0.69) | $ 0.43 | $ (0.33) | $ 2.19 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.09) | $ (0.12) | $ (0.04) | $ (0.07) | $ (0.30) | $ (0.08) |
Net realized gain | (0.09) | — | — | (1.21) | (0.88) | — |
Total distributions | $ (0.18) | $ (0.12) | $ (0.04) | $ (1.28) | $ (1.18) | $ (0.08) |
Net increase (decrease) in net asset value | $ (2.11) | $ 3.18 | $ (0.73) | $ (0.85) | $ (1.51) | $ 2.11 |
Net asset value, end of period | $12.09 | $14.20 | $11.02 | $ 11.75 | $12.60 | $14.11 |
Total return (c) | (13.76)%(d) | 30.10% | (5.90)% | 3.73% | (2.71)% | 18.35% |
Ratio of net expenses to average net assets | 1.67%(e) | 1.93% | 1.79% | 2.91% | 1.82% | 1.62% |
Ratio of net investment income (loss) to average net assets | 1.27%(e) | 0.68% | 1.08% | (0.45)% | 0.75% | 0.64% |
Portfolio turnover rate | 83%(d) | 215% | 233% | 168% | 255% | 292% |
Net assets, end of period (in thousands) | $ 213 | $ 321 | $ 187 | $ 141 | $ 303 | $ 279 |
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 | 1.69%(e) | 1.93% | 1.82% | 2.91% | 1.82% | 1.62% |
Net investment income (loss) to average net assets | 1.25%(e) | 0.68% | 1.05% | (0.45)% | 0.75% | 0.64% |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | The amount shown for a share outstanding does not correspond with net investment gain (loss) in the Statement of Operations for the period due to timing of the sales and repurchase of shares. |
(c) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(d) | Not annualized. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 37
Financial Highlights (Consolidated) (continued)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
4/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Class Y | ||||||
Net asset value, beginning of period | $ 14.52 | $ 11.20 | $ 12.09 | $ 12.74 | $ 14.22 | $ 12.08 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.14 | $ 0.23 | $ 0.20 | $ 0.17 | $ 0.24 | $ 0.18 |
Net realized and unrealized gain (loss) on investments | (2.07) | 3.27 | (0.78) | 0.54 | (0.46) | 2.12 |
Net increase (decrease) from investment operations | $ (1.93) | $ 3.50 | $ (0.58) | $ 0.71 | $ (0.22) | $ 2.30 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.14) | $ (0.18) | $ (0.31) | $ (0.15) | $ (0.38) | $ (0.16) |
Net realized gain | (0.09) | — | — | (1.21) | (0.88) | — |
Total distributions | $ (0.23) | $ (0.18) | $ (0.31) | $ (1.36) | $ 1.26 | $ (0.16) |
Net increase (decrease) in net asset value | $ (2.16) | $ 3.32 | $ (0.89) | $ (0.65) | $ (1.48) | $ 2.14 |
Net asset value, end of period | $ 12.36 | $ 14.52 | $ 11.20 | $ 12.09 | $ 12.74 | $ 14.22 |
Total return (b) | (13.46)%(c) | 31.36% | (4.90)% | 6.16% | (1.86)% | (19.24)% |
Ratio of net expenses to average net assets | 0.90%(d) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Ratio of net investment income (loss) to average net assets | 2.06%(d) | 1.64% | 1.75% | 1.45% | 1.71% | 1.37% |
Portfolio turnover rate | 83%(c) | 215% | 233% | 168% | 255% | 292% |
Net assets, end of period (in thousands) | $ 93,298 | $115,451 | $103,698 | $212,426 | $323,412 | $369,546 |
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%(d) | 0.99% | 1.00% | 0.97% | 0.92% | 0.95% |
Net investment income (loss) to average net assets | 1.99%(d) | 1.55% | 1.65% | 1.69% | 1.69% | 1.32% |
(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) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Notes to Financial Statements | 4/30/22
(Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Flexible Opportunities Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust VI (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 total return.
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 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 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”).
The consolidated financial statements of the Fund include the accounts of Flexible Opportunities Commodity Fund Ltd. (formerly, Pioneer Cayman Commodity Fund Ltd.) (the “Subsidiary”). All intercompany accounts and transactions have been eliminated. The Subsidiary, a Cayman Islands exempted company, was incorporated on February 10, 2010, and is wholly owned and controlled by the Fund. The Fund is the sole shareholder of the Subsidiary. It is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The Fund and the Subsidiary are both managed by the Adviser. The Subsidiary acts as an investment vehicle
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 39
for the Fund in order to effect certain investments on behalf of the Fund. As of April 30, 2022, the Subsidiary represented $6,690,172, or approximately 2.35%, of the net assets of the Fund.
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, 2023. 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
40 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
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.
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.
Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 41
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. Shares of funds that are listed on an exchange, including exchange-listed closed-end funds and exchange-traded funds (ETFs), are valued by using the last sale price on the principal exchange where they are traded.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At April 30, 2022, four securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or a third party insurance industry valuation model) representing 0.08% of net assets. The value of this fair valued security was $236,454.
42 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of October 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.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 43
In determining the daily net asset value, the Fund estimates the reserve for the repatriation of taxes, if any, associated with its investments in certain countries. The estimated reserve for capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforwards (if applicable) and other such factors.
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.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $4,036,036 |
Total | $4,036,036 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 1,540,119 |
Undistributed long-term capital gains | 2,130,988 |
Net unrealized appreciation | 45,621,325 |
Total | $49,292,432 |
44 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments related to the mark-to-market of futures contracts, tax basis adjustments on Real Estate Investment Trust (“REIT”), partnerships and swaps.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $1,540 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2022.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Interest rates are very low, which means there is more risk that they may go up. The U.S. Federal Reserve has
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 45
recently started to raise certain interest rates. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s recent invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S.
46 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non- U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil and natural gas, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund may gain exposure to commodities (such as oil and precious metals) through investment in commodity-related investments, including commodity-linked derivatives, ETFs and other pooled investment vehicles and leveraged or unleveraged commodity-linked notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices). The Fund also may invest in equity securities of issuers in commodity-related industries. The Fund’s investments in commodity-related investments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-related investments may be more volatile than the underlying commodities. In addition, commodity-linked investments are subject to counterparty risk due to there being a relatively small number of issuers. The Fund gains exposure to commodity-related investments by investing in the Subsidiary, a foreign entity that is treated as a controlled foreign corporation for U.S. federal income tax purposes.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 47
The Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s ability to invest in commodity-related investments, and the means through which any such investments may be made, is limited by tax considerations.
The Fund 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.
The Fund may invest in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below investment- grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
48 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Purchased Options
The Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
The average market value of purchased options contracts open during the six months ended April 30, 2022, was $2,905,644. There were no open purchased options contracts at April 30, 2022.
I. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 8).
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 49
During the six months ended April 30, 2022, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
The average market value of forward foreign currency exchange contracts open during the six months ended April 30, 2022, was $0. There were no open forward foreign currency exchange contracts at April 30, 2022.
J. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at April 30, 2022, is recorded as “Futures collateral” on the Statement of Assets and Liabilities.
Subsequent payments for futures contracts ("variation margin") are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
The average market value of futures contracts open during the six months ended April 30, 2022, was $(28,693,818). Open futures contracts outstanding at April 30, 2022, are listed in the Schedule of Investments.
50 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
K. Total Return Swap Contracts
The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at April 30, 2022, is recorded as “Futures collateral” on the Statement of Assets and Liabilities. The Fund may enter into a total return swap contracts to attempt to manage and/or gain exposure to a security or market. Pursuant to a total return swap contracts, the Fund negotiates with a counterparty to exchange a periodic stream of payments. One party makes payments based on the total return of a reference asset (such as a security or a basket of securities or securities index), and in return receives fixed or floating rate interest payments. The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. To the extent that the total return of the reference asset exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
Total return swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within “Swap contracts, at value” on the Statement of Assets and Liabilities. Payments received or made are recorded as realized gains or losses on Statement of Operations. Total return swap contracts are subject to counterparty risk and unanticipated movements in value of exchange interest rates, securities or the index.
The average market value of total return swap contracts open during the six months ended April 30, 2022, was $(28,671). Open total return swap contracts at April 30, 2022, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund's Investment Management Agreement with the Adviser are calculated daily and paid monthly at an annual rate of 0.70% of the Fund’s average daily net assets up to $1 billion, 0.675% of the next $1 billion of the Fund's average daily net assets and 0.65% of the Fund's average daily net assets over $2 billion.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 51
The Subsidiary has entered into a separate management contract with the Adviser, pursuant to which the Adviser manages the assets of the Subsidiary. As compensation for its management services to the Subsidiary and expenses incurred with respect to the Subsidiary, the Subsidiary pays the Adviser a fee at the annual rate of 0.70% of the Subsidiary’s average daily net assets up to $1 billion, 0.675% of the next $1 billion of the Subsidiary’s average daily net assets and 0.65% of the Subsidiary’s average daily net assets over $2 billion. This fee is accrued daily and paid monthly.
During the six months ended April 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.70% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) to the extent required to reduce Fund expenses to 1.20% and 0.90% of the average daily net assets attributable to Class A and Class Y shares, respectively. These expense limitations are in effect through March 1, 2023. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the six months ended April 30, 2022 are reflected in 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 $30,389 in management fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the six months ended April 30, 2022, the Fund paid $6,118 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At April 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $918.
4. Transfer Agent
For the period from November 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of
52 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended April 30, 2022, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | |
Class A | $7,128 |
Class C | (153) |
Class K | 20 |
Class R | — |
Class Y | 2,441 |
Total | $9,436 |
5. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $4,750 in distribution fees payable to the Distributor at April 30, 2022.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of each Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 53
an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended April 30, 2022, CDSCs in the amount of $428 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 2, 2022, the Fund participates in a credit facility in the amount of $380 million. Prior to February 2, 2022, the Fund participated in a facility in the amount of $450 million. Under such credit facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender's commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2022, the Fund had no borrowings under the credit facility.
7. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to its
54 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral”. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of April 30, 2022.
Derivative Assets | Derivatives | Non-Cash | Cash | Net Amount | |
Subject to Master | Available for | Collateral | Collateral | of Derivative | |
Counterparty | Netting Agreement | Offset | Received (a) | Received (a) | Assets (b) |
Goldman Sachs | $ — | $ — | $ — | $ — | $ — |
International | |||||
Total | $ — | $ — | $ — | $ — | $ — |
Derivative Liabilities | Derivatives | Non-Cash | Cash | Net Amount | |
Subject to Master | Available for | Collateral | Collateral | of Derivative | |
Counterparty | Netting Agreement | Offset | Received (a) | Received (a) | Liabilities (c) |
Goldman Sachs | $(176,945) | — | — | — | $(176,945) |
International | |||||
Total | $(176,945) | $ — | $ — | $ — | $(176,945) |
(a) | The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0. |
(b) | Represents the net amount due from the counterparty in the event of default. |
(c) | Represents the net amount payable to the counterparty in the event of default. |
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 55
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2022, was as follows:
Statement of Assets and Liabilities | |||||
Foreign | |||||
Interest | Credit | Exchange | Equity | Commodity | |
Rate Risk | Risk | Rate Risk | Risk | Risk | |
Liabilities | |||||
Net unrealized | |||||
depreciation on | |||||
futures contracts | $ (27,686) | $ — | $798,020 | $ (959,800) | $ — |
Swap contracts | |||||
at value | — | — | — | (176,945) | — |
Total Value | $(27,686) | $ — | $798,020 | $ (1,136,745) | $ — |
56 Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2022, was as follows:
Statement of Operations | |||||
Foreign | |||||
Interest | Credit | Exchange | Equity | Commodity | |
Rate Risk | Risk | Rate Risk | Risk | Risk | |
Net Realized Gain | |||||
(Loss) on | |||||
Futures contracts | $ — | $ — | $462,594 | $ 1,874,182 | $ — |
Options | |||||
purchased* | — | — | — | 2,429,491 | — |
Swap contracts | — | (56,592) | — | — | — |
Total Value | $ — | $(56,592) | $462,594 | $4,303,673 | $ — |
Change in Net | |||||
Unrealized | |||||
Appreciation | |||||
(Depreciation) on | |||||
Futures contracts | $ (27,686) | $ — | $684,420 | $ (674,427) | $ — |
Options | |||||
purchased** | — | — | — | 1,405,375 | — |
Swap contracts | — | — | — | (433,063) | — |
Total Value | $(27,686) | $ — | $684,420 | $ 297,885 | $ — |
* | Reflects the net realized gain (loss) on purchased option contracts (see Note 1H). These amounts are included in net realized gain (loss) on investments in unaffiliated issuers, on the Statement of Operations. |
** | Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1H). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statement of Operations. |
9. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.
Pioneer Flexible Opportunities Fund | Semiannual Report | 4/30/22 57
Trustees, Officers and Service Providers
Trustees | Officers |
Thomas J. Perna, Chairman John E. Baumgardner, Jr. Diane Durnin Benjamin M. Friedman Lisa M. Jones Craig C. MacKay Lorraine H. Monchak Marguerite A. Piret Fred J. Ricciardi Kenneth J. Taubes | Lisa M. Jones, President and Chief Executive Officer Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer Christopher J. Kelley, Secretary and Chief Legal Officer |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
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How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
Call us for: | |
Account Information, including existing accounts, | |
new accounts, prospectuses, applications | |
and service forms | 1-800-225-6292 |
FactFoneSM for automated fund yields, prices, | |
account information and transactions | 1-800-225-4321 |
Retirement plans information | 1-800-622-0176 |
Write to us:
Amundi
P.O. Box 9897
Providence, R.I. 02940-8097
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com/us |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us. |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 24879-11-0622
1
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period covered by this report.
(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition
enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s Board of Trustees has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY | |||
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance | |
related to performing the | o SEC consultation, registration | ||
independent audit of the Funds | statements, and reporting | ||
o Tax accrual related matters | |||
o Implementation of new accounting standards | |||
o Compliance letters (e.g. rating agency letters) | |||
o Regulatory reviews and assistance | |||
regarding financial matters | |||
o Semi-annual reviews (if requested) | |||
o Comfort letters for closed end offerings | |||
II. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures | |
SERVICES | prohibited under Rule | o Technology control assessments | |
210.2-01(C)(4) (the “Rule”) | o Financial reporting control assessments | ||
and are related extensions of | o Enterprise security architecture | ||
the audit services support the | assessment | ||
audit, or use the knowledge/expertise | |||
gained from the audit procedures as a | |||
foundation to complete the project. | |||
In most cases, if the Audit-Related | |||
Services are not performed by the | |||
Audit firm, the scope of the Audit | |||
Services would likely increase. | |||
The Services are typically well-defined | |||
and governed by accounting | |||
professional standards (AICPA, | |||
SEC, etc.) | |||
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | ||
o “One-time” pre-approval | o A summary of all such | ||
for the audit period for all | services and related fees | ||
pre-approved specific service | reported at each regularly | ||
subcategories. Approval of the | scheduled Audit Committee | ||
independent auditors as | meeting. | ||
auditors for a Fund shall | |||
constitute pre approval for | |||
these services. | |||
o “One-time” pre-approval | o A summary of all such | ||
for the fund fiscal year within | services and related fees | ||
a specified dollar limit | (including comparison to | ||
for all pre-approved | specified dollar limits) | ||
specific service subcategories | reported quarterly. | ||
o Specific approval is | |||
needed to exceed the | |||
pre-approved dollar limit for | |||
these services (see general | |||
Audit Committee approval policy | |||
below for details on obtaining | |||
specific approvals) | |||
o Specific approval is | |||
needed to use the Fund’s | |||
auditors for Audit-Related | |||
Services not denoted as | |||
“pre-approved”, or | |||
to add a specific service | |||
subcategory as “pre-approved” | |||
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
III. TAX SERVICES | Services which are not | o Tax planning and support |
prohibited by the Rule, | o Tax controversy assistance | |
if an officer of the Fund | o Tax compliance, tax returns, excise | |
determines that using the | tax returns and support | |
Fund’s auditor to provide | o Tax opinions | |
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, or | ||
the ability to maintain a | ||
desired level of | ||
confidentiality. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
o “One-time” pre-approval | o A summary of | |
for the fund fiscal year | all such services and | |
within a specified dollar limit | related fees | |
(including comparison | ||
to specified dollar | ||
limits) reported | ||
quarterly. | ||
o Specific approval is | ||
needed to exceed the | ||
pre-approved dollar limits for | ||
these services (see general | ||
Audit Committee approval policy | ||
below for details on obtaining | ||
specific approvals) | ||
o Specific approval is | ||
needed to use the Fund’s | ||
auditors for tax services not | ||
denoted as pre-approved, or to | ||
add a specific service subcategory as | ||
“pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
IV. OTHER SERVICES | Services which are not | o Business Risk Management support |
prohibited by the Rule, | o Other control and regulatory | |
A. SYNERGISTIC, | if an officer of the Fund | compliance projects |
UNIQUE QUALIFICATIONS | determines that using the | |
Fund’s auditor to provide | ||
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, | ||
the ability to maintain a | ||
desired level of | ||
confidentiality, or where | ||
the Fund’s auditors | ||
posses unique or superior | ||
qualifications to provide | ||
these services, resulting | ||
in superior value and | ||
results for the Fund. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year within | all such services and |
a specified dollar limit | related fees |
(including comparison | |
to specified dollar | |
limits) reported | |
quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limits for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for “Synergistic” or | |
“Unique Qualifications” Other | |
Services not denoted as | |
pre-approved to the left, or to | |
add a specific service | |
subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
SUBCATEGORIES | ||
PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
in the auditors losing | related to the accounting records or | |
independence status | financial statements of the audit | |
under the Rule. | client* | |
2. Financial information systems design | ||
and implementation* | ||
3. Appraisal or valuation services, | ||
fairness* opinions, or | ||
contribution-in-kind reports | ||
4. Actuarial services (i.e., setting | ||
actuarial reserves versus actuarial | ||
audit work)* | ||
5. Internal audit outsourcing services* | ||
6. Management functions or human | ||
resources | ||
7. Broker or dealer, investment | ||
advisor, or investment banking services | ||
8. Legal services and expert services | ||
unrelated to the audit | ||
9. Any other service that the Public | ||
Company Accounting Oversight Board | ||
determines, by regulation, is | ||
impermissible |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o These services are not to be | o A summary of all |
performed with the exception of the(*) | services and related |
services that may be permitted | fees reported at each |
if they would not be subject to audit | regularly scheduled |
procedures at the audit client (as | Audit Committee meeting |
defined in rule 2-01(f)(4)) level | will serve as continual |
the firm providing the service. | confirmation that has |
not provided any | |
restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
N/A
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:
(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.
N/A
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
N/A
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
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 VI
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date July 1, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date July 1, 2022
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds
Date July 1, 2022
* Print the name and title of each signing officer under his or her signature.