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 811-05099
Pioneer Money Market Trust
(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: December 31, 2022
Date of reporting period: January 1, 2022 through June 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 U.S. Government Money Market Fund
Semiannual Report | June 30, 2022
A: PMTXX | R: PRXXX | Y: PRYXX |
visit us: www.amundi.com/us
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 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 outside the US.
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 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 U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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.
August 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 U.S. Government Money Market Fund | Semiannual Report | 6/30/22 3
Portfolio Management Discussion | 6/30/22
In the following discussion, Portfolio Manager Gregory Palmer reviews the factors that affected the performance of Pioneer US Government Money Market Fund during the six-month period ended June 30, 2022. Mr. Palmer, a vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the daily management of the Fund, along with Timothy Rowe, Managing Director, Director of Multi-Sector Fixed Income, and a portfolio manager at Amundi US.
Q | How did the Fund perform during the six-month period ended June 30, 2022? |
A | Pioneer US Government Money Market Fund’s Class A shares returned 0.11% at net asset value during the six-month period ended June 30, 2022. |
Q | How would you describe the environment for money market investors during the six-month period ended June 30, 2022? |
A | The first quarter of 2022 saw increased geopolitical tensions, a worsening growth/inflation mix arising from a spike in commodity prices, and the prospect of rising interest rates driven by changing central-bank monetary policies dominate market sentiment, resulting in losses across most fixed-income asset classes. Russia’s invasion of Ukraine in late February, together with US and European sanctions on Russia, led to a spike in energy, metals, and food prices, which added to downside risk to real economic growth and to upside risk to inflation. In addition, another round of lockdowns in China in the wake of increasing COVID-19 infection rates exacerbated supply chain disruptions and raised concerns about further risks to global economic growth. |
At its mid-March meeting, the Federal Open Market Committee (FOMC) raised the federal funds rate target range by a quarter-point, to 0.25% -0.50%, and indicated that further increases in the benchmark overnight lending rate would follow rapidly. The Federal Reserve (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. The Fed went on to implement hikes of 50 basis points and 75 basis points (bps) in May and June,
4 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
respectively, bringing the federal funds target up to a range of 1.50% to 1.75%, its highest level since before the onset of the pandemic in March of 2020. (A basis point is equal to 1/100th of a percentage point.)
Against this backdrop, the US Treasury yield curve moved higher, with yield increases most significant on securities with shorter maturities as the market priced in the Fed’s interest-rate increases. As of June 30, 2022, yields for one-month, six-month, and one-year Treasury bills stood at 1.28%, 2.51%, and 2.80%, respectively, significantly higher than their respective levels of 0.06%, 0.19%, and 0.39% at the end of December 2021.
Q | How did you manage the Fund’s portfolio in that environment during the six-month period ended June 30, 2022? |
A | We continued to pursue a very conservative investment policy for the Fund, and kept our focus on our primary objective of protecting shareholders’ capital, rather than taking on undue risk in search of a slightly higher total return. |
We positioned the portfolio with a relatively low duration in anticipation of a rising-rate environment, focusing on capital preservation and liquidity. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) The Fund’s positioning proved helpful during the period, given that persistent inflation has caused the Fed to be aggressive with its interest-rate increases. In that vein, we have been maximizing the portfolio’s exposure to tri-party overnight repurchase agreements (“repos”). Repo rates have generally moved in parallel with the federal funds target range, which we believe may allow the Fund to earn higher yields on repos when interest rates increase.
We also increased the portfolio’s allocation to US Treasury floating-rate notes benchmarked against three-month Treasury bill rates. The floating-rate coupons on those issues help to keep their duration low, while potentially providing a yield advantage over shorter-dated Treasury bills, which have become relatively expensive, in our view.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 5
Q | What is your investment outlook? |
A | After being too slow to tighten monetary policy as the economy recovered from the COVID-19-driven recession, the Fed now seems determined to keep inflation expectations from becoming unanchored. As of June 30, 2022, federal funds futures were pricing in several more interest-rate hikes over the remainder of the calendar year. |
We will aim to keep the portfolio’s duration low in an effort to limit the adverse effects of rising interest rates on the Fund’s value. We anticipate continuing to favor tri-party repos and floating-rate securities as portfolio investments, while possibly shifting some cash into agency discount notes, which may provide a yield advantage over Treasury bills. Overall, we anticipate maintaining a conservative portfolio positioning that emphasizes stability of principal above all other considerations.
Please refer to the Schedule of Investments on pages 13–15 for a full listing of Fund securities.
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
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.
6 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 7
Portfolio Summary | 6/30/22
(As a percentage of total investments)*
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | U.S. Treasury Floating Rate Notes, 1.812% (3 mo. U.S. Treasury | |
Money Market Yield + 6 bps), 7/31/22 | 18.26% | |
2. | U.S. Treasury Floating Rate Notes, 1.792% (3 mo. U.S. Treasury | |
Money Market Yield + 3 bps), 4/30/23 | 15.79 | |
3. | U.S. Treasury Floating Rate Notes, 1.807% (3 mo. U.S. Treasury | |
Money Market Yield + 5 bps), 1/31/23 | 15.23 | |
4. | U.S. Treasury Floating Rate Notes, 1.813% (3 mo. U.S. Treasury | |
Money Market Yield + 6 bps), 10/31/22 | 14.14 | |
5. | U.S. Treasury Bills, 7/14/22 | 8.15 |
6. | U.S. Treasury Bills, 7/28/22 | 5.43 |
7. | Federal National Mortgage Association Discount Notes, 8/31/22 | 5.43 |
8. | Federal Home Loan Bank Discount Notes, 9/9/22 | 4.88 |
9. | U.S. Treasury Bills, 7/5/22 | 3.80 |
10. | Federal National Mortgage Association, 1.630% (SOFR + 12 bps), 7/29/22 | 2.72 |
* | 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. |
8 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Prices and Distributions | 6/30/22
Net Asset Value per Share
Class | 6/30/22 | 12/31/21 |
A | $1.00 | $1.00 |
R | $1.00 | $1.00 |
Y | $1.00 | $1.00 |
Distributions per Share: 1/1/22 – 6/30/22
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.0011 | $ — | $ — |
R | $0.0003 | $ — | $ — |
Y | $0.0009 | $ — | $ — |
Yields
Class | 7-Day Annualized* | 7-Day Effective** |
A | 1.04% | 1.04% |
R | 0.48% | 0.48% |
Y | 1.05% | 1.05% |
* | The 7-day annualized net yield describes the annualized income earned over a 7-day period. |
** | The 7-day effective yield describes the amount one is expected to earn over a 1-year period assuming that dividends are reinvested at the average rate of the last 7-days. |
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 9
Expense Ratio (Per prospectus dated May 1, 2022)
Class | Gross |
A | 0.79 |
R | 1.11 |
Y | 0.51 |
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.
Amundi US has agreed to limit the Fund’s expenses for any class of shares or waive a portion of its management fee in an effort to maintain a net asset value of $1.00 per share. From time to time, Amundi US and its affiliates may limit the expenses of one or more classes for the purpose of avoiding a negative yield or increasing its yield during the period of the limitation. These expense limitation policies are voluntary and temporary and may be revised or terminated by Amundi US at any time without notice.
Please refer to the financial highlights for a more current expense ratio.
Performance does not reflect the deduction of taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
10 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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 U.S. Government Money Market Fund
Based on actual returns from January 1, 2022 through June 30, 2022.
Share Class | A | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 1/1/22 | |||
Ending Account | $1,001.10 | $1,000.30 | $1,000.90 |
Value (after expenses) | |||
on 6/30/22 | |||
Expenses Paid | $1.39 | $2.08 | $1.59 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.28%, 0.42%, and 0.32% 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 one-half year period). |
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 11
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 U.S. Government Money Market Fund
Based on a hypothetical 5% per year return before expenses, reflecting the period from January 1, 2022 through June 30, 2022.
Share Class | A | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 1/1/22 | |||
Ending Account | $1,023.41 | $1,022.71 | $1,023.21 |
Value (after expenses) | |||
on 6/30/22 | |||
Expenses Paid | $1.40 | $2.11 | $1.61 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.28%, 0.42%, and 0.32% for Class A, Class C, and Class Y, shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
12 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Schedule of Investments | 6/30/22
(unaudited)
Principal | ||
Amount ($) | Value | |
UNAFFILIATED ISSUERS — 99.8% | ||
U.S. GOVERNMENT AND AGENCY | ||
OBLIGATIONS — 60.8% of Net Assets | ||
410,000 | Federal Farm Credit Banks Funding Corp., 0.070%, 8/10/22 | $ 409,328 |
2,300,000(a) | Federal Farm Credit Banks Funding Corp., 1.555%, (SOFR + | |
5 bps),8/25/22 | 2,300,139 | |
1,500,000(b) | Federal Home Loan Bank Discount Notes, 8/16/22 | 1,496,837 |
1,500,000(b) | Federal Home Loan Bank Discount Notes, 8/24/22 | 1,496,400 |
9,000,000(b) | Federal Home Loan Bank Discount Notes, 9/9/22 | 8,976,375 |
1,500,000(a) | Federal Home Loan Banks, 1.570%, (SOFR + 6 bps),12/8/22 | 1,500,179 |
1,165,000 | Federal Home Loan Banks, 2.000%, 9/9/22 | 1,165,276 |
3,000,000(b) | Federal Home Loan Mortgage Corp. Discount Notes, 9/6/22 | 2,990,452 |
5,000,000(a) | Federal National Mortgage Association, 1.630%, (SOFR + | |
12 bps),7/29/22 | 5,000,453 | |
10,000,000(b) | Federal National Mortgage Association Discount Notes, | |
8/31/22 | 9,980,006 | |
7,000,000(b) | U.S. Treasury Bills, 7/5/22 | 6,999,363 |
15,000,000(b) | U.S. Treasury Bills, 7/14/22 | 14,993,771 |
10,000,000(b) | U.S. Treasury Bills, 7/28/22 | 9,993,962 |
29,000,000(a) | U.S. Treasury Floating Rate Notes, 1.792%, (3 mo. U.S. | |
Treasury Money Market Yield + 3 bps),4/30/23 | 29,057,082 | |
28,000,000(a) | U.S. Treasury Floating Rate Notes, 1.807%, (3 mo. U.S. | |
Treasury Money Market Yield + 5 bps),1/31/23 | 28,018,976 | |
33,600,000(a) | U.S. Treasury Floating Rate Notes, 1.812%, (3 mo. U.S. | |
Treasury Money Market Yield + 6 bps),7/31/22 | 33,602,924 | |
26,000,000(a) | U.S. Treasury Floating Rate Notes, 1.813%, (3 mo. U.S. | |
Treasury Money Market Yield + 6 bps),10/31/22 | 26,006,989 | |
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | ||
(Cost $183,988,512) | $183,988,512 | |
SHORT TERM INVESTMENTS — 39.0% of | ||
Net Assets | ||
Repurchase Agreements — 39.0% | ||
29,500,000 | $29,500,000 Bank of America, 1.53%, dated 6/30/22 plus | |
accrued interest on 7/1/22 collateralized by | ||
$30,090,000 Government National Mortgage | ||
Association, 2.0%-3.0%, 3/20/52-6/20/52 | $ 29,500,000 | |
29,500,000 | $29,500,000 Scotia Capital Inc., 1.50%, dated 6/30/22 plus | |
accrued interest on 7/1/22 collateralized by the | ||
following: | ||
$7,999,318 Federal Farm Credit Banks | ||
Funding Corporation, 4.3%, 5/17/32, | ||
$488 Federal Home Loan Mortgage Corporation, | ||
3.5%- 4.0%, 6/1/42-8/1/44, | ||
$137,146 | Federal National Mortgage Association, | |
3.0%, 1/1/52, $21,954,307 U.S. Treasury Bill, 12/22/22 | 29,500,000 |
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 13
Schedule of Investments | 6/30/22
(unaudited) (continued)
Principal | ||
Amount ($) | Value | |
Repurchase Agreements — (continued) | ||
29,500,000 | $29,500,000 RBC Dominion Securities Inc., 1.48%, dated | |
6/30/22 plus accrued interest on 7/1/22 collateralized | ||
by the following: | ||
$28,863,383 | Federal National Mortgage Association, | |
3.5%, 5/1/52, | ||
$1,227,855 U.S. Treasury Bill, 12/29/22 | $ 29,500,000 | |
14,700,000 | $14,700,000 Toronto-Dominion Bank, 1.48%, dated | |
6/30/22 plus accrued interest on 7/1/22 collateralized by | ||
$14,994,078 U.S. Treasury Bonds, 3.25%-5.25%, | ||
2/15/29-5/15/42 | 14,700,000 | |
14,700,000 | $14,700,000 Toronto-Dominion Bank, 1.50%, dated | |
6/30/22 plus accrued interest on 7/1/22 collateralized by | ||
$14,994,000 Federal Home Loan Mortgage | ||
Corporation, 4.5%-5.0%, 3/1/49-6/1/52 | 14,700,000 | |
$117,900,000 | ||
TOTAL SHORT TERM INVESTMENTS | ||
(Cost $117,900,000) | $ 117,900,000 | |
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.8% | ||
(Cost $301,888,512) | $301,888,512 | |
OTHER ASSETS AND LIABILITIES — 0.2% | $ 621,361 | |
NET ASSETS — 100.0% | $302,509,873 |
bps | Basis Points. |
SOFR | Secured Overnight Financing Rate. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at June 30, 2022. |
(b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
At June 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $301,888,730 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ — |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (218) |
Net unrealized depreciation | $(218) |
The accompanying notes are an integral part of these financial statements.
14 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 | – unadjusted quoted prices in active markets for identical securities. |
Level 2 | – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements —Note 1A. |
Level 3 | – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |
The following is a summary of the inputs used as of June 30, 2022, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |
U.S. Government and | ||||
Agency Obligations | $ — | $183,988,512 | $ — | $183,988,512 |
Repurchase Agreements | — | 117,900,000 | — | 117,900,000 |
Total Investments in Securities | $ — | $301,888,512 | $ — | $301,888,512 |
During the six months ended June 30, 2022, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 15
Statement of Assets and Liabilities | 6/30/22
(unaudited)
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $183,988,512) | $183,988,512 |
Repurchase Agreements, at value (cost $117,900,000) | 117,900,000 |
Cash | 1,089,817 |
Receivables — | �� |
Fund shares sold | 440,958 |
Interest | 277,772 |
Other assets | 20,347 |
Total assets | $303,717,406 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 409,423 |
Fund shares repurchased | 512,992 |
Distributions | 34,972 |
Professional fees | 41,373 |
Transfer agent fees | 51,388 |
Shareowner communications expense | 35,455 |
Custodian fees | 28,787 |
Printing fees | 33,431 |
Due to affiliates | 20,771 |
Accrued expenses | 38,941 |
Total liabilities | $ 1,207,533 |
NET ASSETS: | |
Paid-in capital | $302,452,414 |
Distributable earnings | 57,459 |
Net assets | $302,509,873 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $240,132,232/240,216,659 shares) | $ 1.00 |
Class R (based on $1,414,277/1,414,267 shares) | $ 1.00 |
Class Y (based on $60,963,364/60,973,482 shares) | $ 1.00 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 6/30/22
INVESTMENT INCOME: | ||
Interest from unaffiliated issuers | $717,328 | |
Total Investment Income | $ 717,328 | |
EXPENSES: | ||
Management fees | $495,701 | |
Administrative expenses | 54,447 | |
Transfer agent fees | ||
Class A | 26,293 | |
Class R | 65 | |
Class Y | 299 | |
Distribution fees | ||
Class A | 167,176 | |
Class R | 3,568 | |
Shareowner communications expense | 7,195 | |
Custodian fees | 21,557 | |
Registration fees | 55,172 | |
Professional fees | 33,022 | |
Printing expense | 6,393 | |
Trustees’ fees | 4,109 | |
Insurance expense | 55 | |
Miscellaneous | 1,780 | |
Total expenses | $ 876,832 | |
Less fees waived and expenses reimbursed by the Adviser | (464,118) | |
Net expenses | $ 412,714 | |
Net investment income | $ 304,614 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ — | |
Net increase in net assets resulting from operations | $ 304,614 |
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 17
Statements of Changes in Net Assets
Six Months | ||
Ended | Year | |
6/30/22 | Ended | |
(unaudited) | 12/31/21 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 304,614 | $ 80,024 |
Net realized gain (loss) on investments | — | 1,969 |
Net increase in net assets resulting | ||
from operations | $ 304,614 | $ 81,993 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.0011 and $0.0002 per share, respectively) | $ (247,532) | $ (44,571) |
Class R ($0.0003 and $0.0002 per share, respectively) | (423) | (314) |
Class Y ($0.0009 and $0.0002 per share, respectively) | (56,360) | (10,720) |
Total distributions to shareowners | $ (304,315) | $ (55,605) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $101,455,561 | $ 128,388,791 |
Reinvestment of distributions | 245,497 | 45,462 |
Cost of shares repurchased | (70,318,488) | (164,915,034) |
Net increase (decrease) in net assets resulting | ||
from Fund share transactions | $ 31,382,570 | $ (36,480,781) |
Net increase (decrease) in net assets | $ 31,382,869 | $ (36,454,393) |
NET ASSETS: | ||
Beginning of period | $271,127,004 | $ 307,581,397 |
End of period | $302,509,873 | $ 271,127,004 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Six Months | Six Months | |||
Ended | Ended | Year | Year | |
6/30/22 | 6/30/22 | Ended | Ended | |
Shares | Amount | 12/31/21 | 12/31/21 | |
(unaudited) | (unaudited) | Shares | Amount | |
Class A | ||||
Shares sold | 75,515,190 | $ 75,515,190 | 100,527,332 | $ 100,527,332 |
Reinvestment of | ||||
distributions | 242,540 | 242,540 | 44,571 | 44,571 |
Less shares repurchased | (51,153,469) | (51,153,469) | (142,285,241) | (142,283,571) |
Net increase (decrease) | 24,604,261 | $ 24,604,261 | (41,713,338) | $ (41,711,668) |
Class R | ||||
Shares sold | 330,258 | $ 330,258 | 773,794 | $ 773,794 |
Reinvestment of | ||||
distributions | 404 | 404 | 314 | 314 |
Less shares repurchased | (500,895) | (500,895) | (1,014,624) | (1,014,880) |
Net decrease | (170,233) | $ (170,233) | (240,516) | $ (240,772) |
Class Y | ||||
Shares sold | 25,610,113 | $ 25,610,113 | 27,087,665 | $ 27,087,665 |
Reinvestment of | ||||
distributions | 2,553 | 2,553 | 577 | 577 |
Less shares repurchased | (18,664,124) | (18,664,124) | (21,616,446) | (21,616,583) |
Net increase | 6,948,542 | $ 6,948,542 | 5,471,796 | $ 5,471,659 |
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 19
Financial Highlights
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
6/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |
Class A | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.001 | $ 0.000(b) | $ 0.002 | $ 0.015 | $ 0.012 | $ 0.003 |
Net realized and unrealized gain (loss) on investments(b) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Net increase (decrease) from investment operations | $ 0.001 | $ 0.000(b) | $ 0.002 | $ 0.015 | $ 0.012 | $ 0.003 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.001) | $ (0.000)(b) | $ (0.002)(c) | $ (0.015)(c) | $ (0.012)(c) | $ (0.003) |
Net increase (decrease) in net asset value | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total return (d) | 0.11%(e) | 0.02% | 0.20% | 1.50% | 1.21% | 0.27% |
Ratio of net expenses to average net assets | 0.28%(f) | 0.04% | 0.25% | 0.69% | 0.66% | 0.62% |
Ratio of net investment income (loss) to average net assets | 0.22%(f) | 0.03% | 0.16% | 1.50% | 1.20% | 0.26% |
Net assets, end of period (in thousands) | $240,132 | $215,528 | $257,214 | $197,032 | $210,290 | $217,256 |
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 | 0.65%(f) | 0.79% | 0.79% | 0.84% | 0.81% | 0.80% |
Net investment income (loss) to average net assets | (0.15)%(f) | (0.72)% | (0.38)% | 1.35% | 1.05% | 0.08% |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Amount rounds to less than $0.001 or $(0.001) per share. |
(c) | The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net investment income was distributed to shareowners during the period. |
(d) | 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. |
(e) | Not annualized. |
(f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
20 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Six Months | ||||||
Ended | Year | Year | Year | Year | ||
6/30/22 | Ended | Ended | Ended | Ended | 8/1/17* to | |
(unaudited) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |
Class R | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.000(b) | $ 0.000(b) | $ 0.001 | $ 0.010 | $ 0.009 | $ 0.000(b) |
Net realized and unrealized gain (loss) on investments | 0.000(b) | 0.000(b) | 0.000(b) | 0.001 | (0.001) | 0.000(b) |
Net increase (decrease) from investment operations | $ 0.000(b) | $ 0.000(b) | $ 0.001 | $ 0.011 | $ 0.008 | $ 0.000(b) |
Distributions to shareowners: | ||||||
Net investment income | $ (0.000)(b) | $(0.000)(b) | $(0.001)(c) | $(0.011)(c) | $(0.008)(c) | $ 0.000(b) |
Net increase (decrease) in net asset value | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total return (d) | 0.03%(e) | 0.02% | 0.12% | 1.08% | 0.78% | 0.03%(e) |
Ratio of net expenses to average net assets | 0.42%(f) | 0.06% | 0.30% | 1.12% | 1.08% | 1.02%(f) |
Ratio of net investment income (loss) to average net assets | 0.06%(f) | 0.01% | 0.09% | 1.03% | 0.85% | 0.10%(f) |
Net assets, end of period (in thousands) | $ 1,414 | $ 1,585 | $ 1,825 | $ 885 | $ 553 | $ 151 |
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 | 1.02%(f) | 1.11% | 1.08% | 1.12% | 1.08% | 1.03%(f) |
Net investment income (loss) to average net assets | (0.54)%(f) | (1.04)% | (0.69)% | 1.03% | 0.85% | 0.09%(f) |
* | Class R shares commenced operations on August 1, 2017. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Amount rounds to less than $0.001 or $(0.001) per share. |
(c) | The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net investment income was distributed to shareowners during the period. |
(d) | 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. |
(e) | Not annualized. |
(f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 21
Financial Highlights (continued)
Six Months | ||||||
Ended | Year | Year | Year | Year | Year | |
6/30/22 | Ended | Ended | Ended | Ended | Ended | |
(unaudited) | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | |
Class Y | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.001 | $ 0.000(b) | $ 0.002 | $ 0.017 | $ 0.013 | $ 0.004 |
Net realized and unrealized gain (loss) on investments | 0.000(b) | 0.000(b) | 0.000(b) | 0.000(b) | 0.001 | 0.000(b) |
Net increase (decrease) from investment operations | $ 0.001 | $ 0.000(b) | $ 0.002 | $ 0.017 | $ 0.014 | $ 0.004 |
Distributions to shareowners: | ||||||
Net investment income | $(0.001) | $ (0.000)(b) | $ (0.002)(c) | $ (0.017)(c) | $ (0.014)(c) | $ (0.004) |
Net increase (decrease) in net asset value | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total return (d) | 0.09%(e) | 0.02% | 0.22% | 1.67% | 1.34% | 0.37% |
Ratio of net expenses to average net assets | 0.32%(f) | 0.05% | 0.24% | 0.52% | 0.54% | 0.51% |
Ratio of net investment income (loss) to average net assets | 0.19%(f) | 0.02% | 0.19% | 1.66% | 1.30% | 0.36% |
Net assets, end of period (in thousands) | $60,963 | $54,015 | $48,542 | $42,343 | $37,356 | $49,178 |
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 | 0.47%(f) | 0.51% | 0.53% | 0.52% | 0.54% | 0.51% |
Net investment income (loss) to average net assets | 0.04%(f) | (0.44)% | (0.10)% | 1.66% | 1.30% | 0.36% |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Amount rounds to less than $0.001 or $(0.001) per share. |
(c) | The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net investment income was distributed to shareowners during the period. |
(d) | 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. |
(e) | Not annualized. |
(f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
22 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Notes to Financial Statements | 6/30/22
(unaudited)
1. Organization and Significant Accounting Policies
Pioneer U.S. Government Money Market Fund (the “Fund”) is a series of Pioneer Money Market Trust (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 provide high current income, preservation of capital, and liquidity through investments in high-quality short-term securities.
The Fund offers three classes of shares designated as Class A, Class R and Class Y shares. Class R shares commenced operations on August 1, 2017. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 23
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 twice daily, on each day the New York Stock Exchange (“NYSE”) is open, at 1:00 p.m. Eastern time and as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time)
The Fund generally values its securities using the amortized cost method, which approximates fair market value, in accordance with Rule 2a-7 under the 1940 Act. This valuation method assumes a steady rate of amortization of any premium or discount from the date of purchase until the maturity of each security. This valuation method is designed to permit a money market fund to maintain a constant net asset value of $1.00 per share, but there is no guarantee that it will do so.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
B. Investment Income and Transactions
Investments purchased at a discount or premium are valued by amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis.
24 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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 December 31, 2021, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
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 December 31, 2021 was as follows:
2021 | |
Distributions paid from: | |
Ordinary income | $55,605 |
Total | $55,605 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2021:
2021 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $55,851 |
Undistributed long-term capital gains | 1,527 |
Net unrealized depreciation | (218) |
Total | $57,160 |
The difference between book-basis and tax-basis net unrealized depreciation are attributable to the tax deferral of losses on wash sales.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 25
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. 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.
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 R shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
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 R and Class Y shares can reflect different transfer agent and distribution expense rates.
F. Risks
Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. It is possible to lose money by investing in the Fund. Fund shares are not federally insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support at any time.
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
26 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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.
General market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, inflation, changes in interest rates, lack of liquidity or other disruptions 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, market disruptions caused by tariffs, trade disputes or other government actions, or other factors or adverse investor sentiment or other adverse market events and conditions could cause the value of your investment, or its yield, to decline. In recent years interest rates and credit spreads in the U.S. have been at historical lows, which means there is more risk that they may go up. The U.S. Federal Reserve has recently started to raise certain interest rates. When the credit spread for a fixed income security goes up, or “widens,” the value of the security will generally go down. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. 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.
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
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 27
and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
G. 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.
28 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
Open repurchase agreements at June 30, 2022, are disclosed 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 the annual rate of 0.35% of the Fund’s average daily net assets up to $1 billion and 0.30% of the Fund’s average daily net assets over $1 billion. For the six months ended June 30, 2022, the net management fee (excluding waivers and/or reimbursement of expenses) was equivalent to 0.35% (annualized) of the Fund’s average daily net assets.
The Adviser has agreed to limit the Fund’s expenses for any class of shares or waive a portion of its management fee in an effort to maintain a net asset value of $1.00 per share. From time to time, the Adviser and its affiliates may limit the expenses of one or more classes for the purpose of avoiding a negative yield or increasing its yield during the period of the limitation. Additionally, the Distributor has voluntarily agreed to waive distribution fees payable by Class A shares. These expense limitation policies are voluntary and temporary and may be revised or terminated by the Adviser or Distributor, as applicable, at any time without notice. Fees waived and expenses reimbursed during the six months ended June 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 $20,713 in management fees, administrative costs and certain other reimbursements payable to the Adviser at June 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 June 30, 2022, the Fund paid $4,109 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At June 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22 29
4. Transfer Agent
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 June 30, 2022, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | |
Class A | $6,902 |
Class R | 230 |
Class Y | 63 |
Total | $7,195 |
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 and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.15% 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 further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $58 in distribution fees payable to the Distributor, at June 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 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
30 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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
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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36 Pioneer U.S. Government Money Market Fund | Semiannual Report | 6/30/22
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, RI 02940-8097
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
Visit our web site: www.amundi.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 19399-16-0822
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.
NA
(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.
NA
(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.
NA
(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.
NA
(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 Pioneer Asset Management, Inc, the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY | |||
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance | |
related to performing the | o SEC consultation, registration | ||
independent audit of the Funds | statements, and reporting | ||
o Tax accrual related matters | |||
o Implementation of new accounting standards | |||
o Compliance letters (e.g. rating agency letters) | |||
o Regulatory reviews and assistance | |||
regarding financial matters | |||
o Semi-annual reviews (if requested) | |||
o Comfort letters for closed end offerings | |||
II. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures | |
SERVICES | prohibited under Rule | o Technology control assessments | |
210.2-01(C)(4) (the “Rule”) | o Financial reporting control assessments | ||
and are related extensions of | o Enterprise security architecture | ||
the audit services support the | assessment | ||
audit, or use the knowledge/expertise | |||
gained from the audit procedures as a | |||
foundation to complete the project. | |||
In most cases, if the Audit-Related | |||
Services are not performed by the | |||
Audit firm, the scope of the Audit | |||
Services would likely increase. | |||
The Services are typically well-defined | |||
and governed by accounting | |||
professional standards (AICPA, | |||
SEC, etc.) | |||
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | ||
o “One-time” pre-approval | o A summary of all such | ||
for the audit period for all | services and related fees | ||
pre-approved specific service | reported at each regularly | ||
subcategories. Approval of the | scheduled Audit Committee | ||
independent auditors as | meeting. | ||
auditors for a Fund shall | |||
constitute pre approval for | |||
these services. | |||
o “One-time” pre-approval | o A summary of all such | ||
for the fund fiscal year within | services and related fees | ||
a specified dollar limit | (including comparison to | ||
for all pre-approved | specified dollar limits) | ||
specific service subcategories | reported quarterly. | ||
o Specific approval is | |||
needed to exceed the | |||
pre-approved dollar limit for | |||
these services (see general | |||
Audit Committee approval policy | |||
below for details on obtaining | |||
specific approvals) | |||
o Specific approval is | |||
needed to use the Fund’s | |||
auditors for Audit-Related | |||
Services not denoted as | |||
“pre-approved”, or | |||
to add a specific service | |||
subcategory as “pre-approved” | |||
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
III. TAX SERVICES | Services which are not | o Tax planning and support |
prohibited by the Rule, | o Tax controversy assistance | |
if an officer of the Fund | o Tax compliance, tax returns, excise | |
determines that using the | tax returns and support | |
Fund’s auditor to provide | o Tax opinions | |
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, or | ||
the ability to maintain a | ||
desired level of | ||
confidentiality. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year | all such services and |
within a specified dollar limit | related fees |
(including comparison | |
to specified dollar | |
limits) reported | |
quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limits for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for tax services not | |
denoted as pre-approved, or to | |
add a specific service subcategory as | |
“pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
IV. OTHER SERVICES | Services which are not | o Business Risk Management support |
prohibited by the Rule, | o Other control and regulatory | |
A. SYNERGISTIC, | if an officer of the Fund | compliance projects |
UNIQUE QUALIFICATIONS | determines that using the | |
Fund’s auditor to provide | ||
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, | ||
the ability to maintain a | ||
desired level of | ||
confidentiality, or where | ||
the Fund’s auditors | ||
posses unique or superior | ||
qualifications to provide | ||
these services, resulting | ||
in superior value and | ||
results for the Fund. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year within | all such services and |
a specified dollar limit | related fees |
(including comparison | |
to specified dollar | |
limits) reported | |
quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limits for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for “Synergistic” or | |
“Unique Qualifications” Other | |
Services not denoted as | |
pre-approved to the left, or to | |
add a specific service | |
subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
SUBCATEGORIES | ||
PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
in the auditors losing | related to the accounting records or | |
independence status | financial statements of the audit | |
under the Rule. | client* | |
2. Financial information systems design | ||
and implementation* | ||
3. Appraisal or valuation services, | ||
fairness* opinions, or | ||
contribution-in-kind reports | ||
4. Actuarial services (i.e., setting | ||
actuarial reserves versus actuarial | ||
audit work)* | ||
5. Internal audit outsourcing services* | ||
6. Management functions or human | ||
resources | ||
7. Broker or dealer, investment | ||
advisor, or investment banking services | ||
8. Legal services and expert services | ||
unrelated to the audit | ||
9. Any other service that the Public | ||
Company Accounting Oversight Board | ||
determines, by regulation, is | ||
impermissible |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o These services are not to be | o A summary of all |
performed with the exception of the(*) | services and related |
services that may be permitted | fees reported at each |
if they would not be subject to audit | regularly scheduled |
procedures at the audit client (as | Audit Committee meeting |
defined in rule 2-01(f)(4)) level | will serve as continual |
the firm providing the service. | confirmation that has |
not provided any | |
restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
NA
(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 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 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 Money Market Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date September 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date September 6, 2022
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer
Date September 6, 2022
* Print the name and title of each signing officer under his or her signature.