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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 811-21460
Pioneer Series Trust II
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment 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
Date of reporting period: January 1, 2015 through June 30, 2015
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.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer AMT-Free
Municipal Fund
--------------------------------------------------------------------------------
Semiannual Report | June 30, 2015
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PBMFX
Class C MNBCX
Class Y PBYMX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 29
Notes to Financial Statements 36
Trustees, Officers and Service Providers 44
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
We encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
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. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 3
Portfolio Management Discussion | 6/30/15
In the following interview, David Eurkus, portfolio manager of Pioneer AMT-Free
Municipal Fund, discusses the investment environment for tax-free bonds during
the six-month period ended June 30, 2015, the Fund's investment strategies and
performance during the six-month period, and his outlook for the municipal bond
market. Mr. Eurkus, Director of Municipals, a senior vice president and a
portfolio manager at Pioneer, manages the Fund along with Jonathan Chirunga, a
vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended June 30, 2015?
A Pioneer AMT-Free Municipal Fund's Class A shares returned -0.06% at net
asset value during the six-month period ended June 30, 2015, while the
Fund's benchmark, the Barclays Municipal Bond Index (the Barclays Index),
returned 0.12%. During the same period, the average return of the 265
mutual funds in Lipper's General & Insured Municipal Debt Funds category
was -0.18%, and the average return of the 210 mutual funds in Morningstar's
Municipal National Long Funds category was -0.12%.
Q How would you characterize the investment environment for tax-exempt bonds
during the six-month period ended June 30, 2015?
A Following a dramatic drop in interest rates at the end of January and into
early February, rates began to rise modestly based on comments from the
U.S. Federal Reserve System (the Fed) that it might begin raising the
Federal funds rate by the middle of 2015. Significant reductions in
unemployment, somewhat higher inflation expectations and a rebound in the
price of oil all helped to nudge rates higher in the first few of months of
the period. Globally, in response to the European Central Bank's
quantitative easing program, yields for European sovereign bonds with
maturities up to 10 years turned negative. In the second quarter (April
through June), however, European yields reversed and moved sharply upward
in response to the debt crisis in Greece, and U.S. Treasury yields also
rose significantly.
The environment for tax-exempt bonds was very favorable in the early part
of 2015, with demand significantly outstripping supply. However, in
response to lower rates, municipal entities began to refinance their bonds
at
4 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
a rapid pace, flooding the market with supply. The surge in supply weighed
on the tax-free market for much of the second quarter, until municipal
refinancings slowed in May and June in response to the global rise in
interest rates.
Q Will you discuss your overall investment strategy in managing the Fund's
portfolio during the six-month period ended June 30, 2015?
A Our principal investments strategy for the portfolio is to purchase and
hold discounted long-term municipal bonds, as these investments offer the
highest yields in the tax-exempt marketplace. We believe that, over the
long term, our strategy can enable the Fund to outperform its benchmark and
its municipal fund peers. We also continue to focus the Fund's investments
in sectors that are vital to communities nationwide. The sectors include
health care/hospitals, transportation, public and private education, and
power/energy.
During the six-month period, we maintained our emphasis on overall
portfolio quality. As of June 30, 2015, approximately 73% of the
portfolio's investments were in bonds rated "A" or higher by Moody's,
including nearly 22% in the "AAA" category. In addition, the Fund is
broadly diversified* among a wide range of municipal bond sectors.
Q What investment decisions contributed the most to the Fund's
benchmark-relative performance during the six-month period ended June 30,
2015, and which decisions detracted the most from relative returns?
A During the six-month period, the Fund's investments in State of California
and District of Columbia tobacco bonds, and Louisiana hospital bonds were
among the most significant contributors to relative returns. The largest
detractors from relative performance came from the Fund's longer-duration
bonds, such as Washington State general obligation issues and Massachusetts
health care bonds. (Duration is a measure of the sensitivity of the price -
the value of principal - of a fixed-income investment to a change in
interest rates, expressed as a number of years.)
Q Did you invest the Fund in any derivative securities during the six-month
period ended June 30, 2015? If so, did the positions have an effect on the
Fund's performance?
A No. We did not invest the Fund in any derivatives during the period.
* Diversification does not assure a profit nor protect against loss.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 5
Q Did the Fund's level of distribution income to shareholders change at all
during the six-month period ended June 30, 2015?
A No, the Fund's distribution levels to shareholders remained stable during
the six-month period. Future distributions are, of course, subject to
changes in interest rates, which could have a positive or negative effect
on the Fund's income.
Q What is your outlook?
A We are encouraged by the recent rebalancing of supply and demand in the
municipal bond market, and by recent declines in yields. Municipal bonds
continue to look very attractive on a tax-adjusted basis versus their
taxable-bond counterparts, and we have witnessed more and more investors,
both domestically and globally, investing in tax-exempt issues.
On the negative side, we continue to have concerns about the effects on the
overall tax-exempt market from unfunded pension liabilities in several
states, including Illinois, and the continued deterioration in the credit
situation in Puerto Rico (the Fund has no holdings in Puerto Rico).
We will continue to hold select, long-term tax-exempt bonds in the Fund's
portfolio, bonds that we believe have the strongest opportunity to perform
well over time. We will also continue to closely monitor the Fund's
holdings to help ensure their integrity and quality as well as the timely
payment of principal and interest on the investments. The Fund remains
broadly diversified, and the vast majority of the portfolio's holdings are
in bonds with dedicated revenue streams, which we also continue to monitor
closely.
We believe that Pioneer AMT-Free Municipal Fund continues to be a suitable
vehicle for appropriate, long-term investors seeking high income that is
free from Federal income taxes.
6 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Please refer to the Schedule of Investments on pages 15-28 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
The value of municipal securities can be adversely affected by changes in
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
A portion of income may be subject to local, state, federal and/or alternative
minimum tax. Capital gains, if any, are subject to capital gains tax.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments 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 AMT-Free Municipal Fund | Semiannual Report | 6/30/15 7
Portfolio Summary | 6/30/15
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
General Obligation 20.4%
Education 17.3%
Health 15.7%
Insured 11.6%
Special Revenues 9.7%
Transportation 7.5%
Pollution Control Revenue 4.9%
Water & Sewer 3.5%
Escrowed 3.1%
Power 2.9%
Various Revenues 2.3%
Housing 1.1%
10 Largest Holdings*
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
1. Massachusetts Health & Educational Facilities Authority, Massachusetts
Institute of Technology -Series K, 5.5%, 7/1/32 1.59%
--------------------------------------------------------------------------------
2. Dallas Area Rapid Transit, Series A, 5.0%, 12/1/33 1.37
--------------------------------------------------------------------------------
3. Texas Private Activity Bond Surface Transportation Corp., Senior
Lien-LBJ Infrastructure, 7.0%, 6/30/40 1.25
--------------------------------------------------------------------------------
4. State of Washington, 5.0%, 7/1/30 1.21
--------------------------------------------------------------------------------
5. State of Maryland, 5.0%, 3/1/21 1.19
--------------------------------------------------------------------------------
6. Golden State Tobacco Securitization Corp., Asset Backed Series
A1, 5.125%, 6/1/47 1.15
--------------------------------------------------------------------------------
7. Forsyth County Water & Sewerage Authority, 5.0%, 4/1/41 1.15
--------------------------------------------------------------------------------
8. Massachusetts Development Finance Agency, Partners Healthcare System
Series E, 5.0%, 7/1/31 1.14
--------------------------------------------------------------------------------
9. FYI Properties, Washington State District Project, 5.5%, 6/1/39 1.13
--------------------------------------------------------------------------------
10. California Statewide Communities Development Authority, Insured-St.
Joseph-Series B, 5.75%, 7/1/47 1.12
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Prices and Distributions | 6/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/15 12/31/14
--------------------------------------------------------------------------------
<s>
A $14.22 $14.49
--------------------------------------------------------------------------------
C $14.10 $14.37
--------------------------------------------------------------------------------
Y $14.18 $14.44
--------------------------------------------------------------------------------
Distributions per Share: 1/1/15-6/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2640 $ -- $ --
--------------------------------------------------------------------------------
C $0.2084 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2828 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Barclays Municipal Bond Index is an unmanaged, broad measure of the
municipal bond market. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts shown on pages 10-12.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 9
Performance Update | 6/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer AMT-Free Municipal Fund at public
offering price during the periods shown, compared to that of the Barclays
Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2015)
--------------------------------------------------------------------------------
Net Public
Asset Offering Barclays
Value Price Municipal
Period (NAV) (POP) Bond Index
--------------------------------------------------------------------------------
10 Years 4.65% 4.16% 4.45%
5 Years 5.84 4.87 4.50
1 Year 3.94 -0.75 3.00
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.85% 0.82%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer AMT-Free Barclays Municipal
Municipal Fund Bond Index
6/30/2005 $ 9,550 $10,000
6/30/2006 $ 9,659 $10,089
6/30/2007 $10,105 $10,562
6/30/2008 $10,203 $10,904
6/30/2009 $ 9,907 $11,315
6/30/2010 $11,322 $12,403
6/30/2011 $11,647 $12,834
6/30/2012 $13,265 $14,105
6/30/2013 $13,409 $14,138
6/30/2014 $14,468 $15,006
6/30/2015 $15,038 $15,456
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2016, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Performance Update | 6/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer AMT-Free Municipal Fund during the
periods shown, compared to that of the Barclays Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2015)
--------------------------------------------------------------------------------
Barclays
If If Municipal
Period Held Redeemed Bond Index
--------------------------------------------------------------------------------
10 Years 3.84% 3.84% 4.45%
5 Years 5.02 5.02 4.50
1 Year 3.10 3.10 3.00
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.60%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer AMT-Free Barclays Municipal
Municipal Fund Bond Index
6/30/2005 $10,000 $10,000
6/30/2006 $10,052 $10,089
6/30/2007 $10,438 $10,562
6/30/2008 $10,458 $10,904
6/30/2009 $10,066 $11,315
6/30/2010 $11,411 $12,403
6/30/2011 $11,646 $12,834
6/30/2012 $13,163 $14,105
6/30/2013 $13,203 $14,138
6/30/2014 $14,142 $15,006
6/30/2015 $14,580 $15,456
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would
be lower than those shown above. "If Held" results represent the percent change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 11
Performance Update | 6/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer AMT-Free Municipal Fund during the
periods shown, compared to that of the Barclays Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2015)
--------------------------------------------------------------------------------
Net
Asset Barclays
Value Municipal
Period (NAV) Bond Index
--------------------------------------------------------------------------------
10 Years 4.87% 4.45%
5 Years 6.12 4.50
1 Year 4.30 3.00
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.65% 0.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer AMT-Free Municipal Fund
Barclays Municipal Bond Index
6/30/2005 $5,000,000 $5,000,000
6/30/2006 $5,057,982 $5,044,259
6/30/2007 $5,300,140 $5,281,082
6/30/2008 $5,366,558 $5,451,840
6/30/2009 $5,223,279 $5,657,616
6/30/2010 $5,980,401 $6,201,443
6/30/2011 $6,172,920 $6,416,967
6/30/2012 $7,045,574 $7,052,273
6/30/2013 $7,135,417 $7,068,880
6/30/2014 $7,715,106 $7,503,176
6/30/2015 $8,046,673 $7,728,230
Call 1-800-225-6292 or visit us.pioneerinvestments.com 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.
Performance shown for periods prior to the inception of Class Y shares on
November 10, 2006, reflects the NAV performance of Pioneer AMT-Free Municipal
Fund's Class A shares. The performance does not reflect differences in expenses,
including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class
A shares are generally higher than those of Class Y shares, the performance of
Class Y shares for periods prior to the inception of Class Y shares on November
10, 2006, would have been higher than that shown. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2016, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $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 AMT-Free Municipal Fund
Based on actual returns from January 1, 2015 through June 30, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/15
--------------------------------------------------------------------------------
Ending Account $ 999.40 $ 995.60 $1,001.40
Value on 6/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.07 $ 7.77 $ 2.73
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.57% and 0.55%, for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 13
Comparing Ongoing Fund Expenses (continued)
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 AMT-Free Municipal Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 1, 2015, through June 30, 2015.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/15
--------------------------------------------------------------------------------
Ending Account $1,020.73 $1,017.01 $1,022.07
Value on 6/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 4.11 $ 7.85 $ 2.76
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.57% and 0.55%, for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
14 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Schedule of Investments | 6/30/15 (unaudited)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.2% (e)
Alabama -- 0.1%
1,500,000 Sylacauga Health Care Authority, Coosa Valley
Medical Center- Series A, 6.0%, 8/1/35
(Pre-Refunded) $ 1,507,215
-----------------------------------------------------------------------------------------------
Arizona -- 2.3%
5,145,000 Arizona Health Facilities Authority, Banner
Health-Series D, 5.5%, 1/1/38 $ 5,509,420
10,000,000 City of Mesa Arizona, 3.25%, 7/1/29 9,751,500
5,000,000 City of Phoenix Arizona, 4.0%, 7/1/21 (f) 5,620,350
1,000,000 Maricopa County Pollution Control Corp.,
Southern California Education Co.-A, 5.0%, 6/1/35 1,110,090
19,000 The Industrial Development Authority of the
County of Pima, Arizona Charter Schools
Project-Series C, 6.75%, 7/1/31 19,105
500,000 The Industrial Development Authority of the
County of Pima, Paradise Education Center
Project, 6.1%, 6/1/45 519,695
---------------
$ 22,530,160
-----------------------------------------------------------------------------------------------
California -- 9.2%
10,000,000 Alameda Corridor Transportation Authority,
Series 1999 Capital Appreciation, 10/1/31 (c) $ 4,984,600
2,260,000 Anaheim Public Financing Authority, Capital
Appreciation Sub Public Imports Project C,
9/1/22 (c) 1,843,256
12,595,000 Anaheim Public Financing Authority, Capital
Appreciation Sub Public Imports Project C,
9/1/36 (c) 4,930,187
3,235,000 California County Tobacco Securitization Agency,
Capital Appreciation-Asset-Backed-Gold
Country, 6/1/33 (c) 872,221
6,400,000 California Educational Facilities Authority, Stanford
University Series U-6, 5.0%, 5/1/45 8,085,120
2,000,000 California Health Facilities Financing Authority,
Catholic Healthcare West-Series J, 5.625%,
7/1/32 (Pre-Refunded) 2,000,300
4,000,000 California Municipal Finance Authority, Community
Hospitals Central California, 5.25%, 2/1/37
(Pre-Refunded) 4,138,280
4,875,000 California Statewide Communities Development
Authority, CHF Irvine LLC-UCI East, 5.0%, 5/15/30 5,022,712
4,000,000 California Statewide Communities Development
Authority, Insured-Enloe Medical Center,
5.75%, 8/15/38 4,397,200
10,000,000 California Statewide Communities Development
Authority, Insured-St. Joseph-Series B,
5.75%, 7/1/47 11,129,500
5,000,000 City of San Francisco California Public Utilities
Commission Water Revenue, 4.0%, 11/1/33 5,185,250
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 15
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
California -- (continued)
7,000,000 City of San Francisco California Public Utilities
Commission Water Revenue, 4.0%, 11/1/34 $ 7,229,950
270,000 Franklin-Mckinley School District, 6.0%, 7/1/16 (f) 284,864
2,100,000 Fresno Joint Powers Financing Authority, Exhibit
Hall Expansion Project, 4.75%, 9/1/28 2,094,771
15,000,000 Golden State Tobacco Securitization Corp., Asset
Backed Series A1, 5.125%, 6/1/47 11,443,500
3,000,000 Long Beach Bond Finance Authority, Series A,
5.5%, 11/15/37 3,528,240
2,180,000 Pomona Unified School District, 6.55%, 8/1/29 (f) 2,745,514
3,000,000 Rialto Redevelopment Agency, Merged Project
Series A, 6.25%, 9/1/37 3,337,050
1,500,000 San Jose Evergreen Community College District,
5.0%, 8/1/41 (f) 1,662,915
1,500,000 Santa Cruz County Redevelopment Agency, Live
Oak/Soquel Community Import Series A,
6.625%, 9/1/29 1,737,240
1,405,000 Santa Maria Joint Union High School District,
8/1/27 (c)(f) 884,771
3,750,000 Tobacco Securitization Authority of Southern
California, Series A1 Senior, 5.0%, 6/1/37 3,098,888
1,125,000 Tobacco Securitization Authority of Southern
California, Series A1 Senior, 5.125%, 6/1/46 909,776
---------------
$ 91,546,105
-----------------------------------------------------------------------------------------------
Colorado -- 1.1%
2,750,000 5.25 Colorado Health Facilities Authority, Adventist
Health/Sunbelt-Series D, Floating Rate
Note, 11/15/35 $ 2,911,122
2,500,000 Regional Transportation District, Denver
Transportation Partners, 6.0%, 1/15/26 2,829,225
1,250,000 Regional Transportation District, Denver
Transportation Partners, 6.0%, 1/15/34 1,412,062
1,000,000 Regional Transportation District, Denver
Transportation Partners, 6.0%, 1/15/41 1,127,660
2,000,000 Regional Transportation District, Denver
Transportation Partners, 6.5%, 1/15/30 2,328,800
---------------
$ 10,608,869
-----------------------------------------------------------------------------------------------
Connecticut -- 1.1%
3,000,000 Hartford County Metropolitan District,
3.0%, 3/1/29 (f) $ 2,869,800
2,470,000 Mohegan Tribe of Indians of Connecticut, Public
Import-Priority Distribution, 6.25%, 1/1/31 2,461,997
5,000,000 State of Connecticut, 4.0%, 9/1/30 (f) 5,230,450
---------------
$ 10,562,247
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Delaware -- 0.5%
5,000,000 Delaware State Economic Development Authority,
Exempt Facility-Indian River Power,
5.375%, 10/1/45 $ 5,401,900
-----------------------------------------------------------------------------------------------
District of Columbia -- 1.8%
10,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.75%, 5/15/40 $ 9,998,800
7,950,000 District of Columbia, Deed Tax-Housing Production
Trust Fund-Series A, 4.25%, 6/1/37 7,997,859
---------------
$ 17,996,659
-----------------------------------------------------------------------------------------------
Florida -- 3.7%
445,000 County of Madison Florida, First Mortgage-Twin
Oaks Project-Series A, 6.0%, 7/1/25 $ 284,208
5,000,000 County of Miami-Dade Florida Aviation Revenue,
Series B, 5.5%, 10/1/41 5,641,250
3,000,000 Escambia County Health Facilities Authority,
Baptist hospital, Inc., Project-A, 6.0%, 8/15/36 3,377,400
1,390,000 Florida Development Finance Corp., Renaissance
Charter School-A, 6.0%, 9/15/30 1,450,340
5,000,000 Florida's Turnpike Enterprise, Department
Transportation-Series A, 4.0%, 7/1/30 5,242,850
3,400,000 St. Johns County Industrial Development
Authority, Presbyterian Retirement-Series A,
6.0%, 8/1/45 3,759,414
10,000,000 State of Florida, 3.0%, 6/1/29 (f) 9,710,800
8,000,000 State of Florida, 3.0%, 6/1/30 (f) 7,696,560
---------------
$ 37,162,822
-----------------------------------------------------------------------------------------------
Georgia -- 2.9%
5,750,000 Burke County Development Authority, Oglethorpe
Power Corp., Vogtle-E, 7.0%, 1/1/23 $ 6,504,228
10,000,000 Forsyth County Water & Sewerage Authority,
5.0%, 4/1/41 11,380,500
2,000,000 2.00 Monroe County Development Authority, GA
Power Co., Plant-Scherer, Floating Rate
Note, 7/1/25 2,041,180
2,750,000 Private Colleges & Universities Authority,
Emory University-Series A, 5.0%, 10/1/43 3,041,225
5,000,000 State of Georgia, 4.0%, 10/1/22 (f) 5,691,800
---------------
$ 28,658,933
-----------------------------------------------------------------------------------------------
Illinois -- 3.4%
5,000,000 Illinois Finance Authority, Centegra Health
Systems Series A, 5.0%, 9/1/42 $ 5,174,450
1,600,000 Illinois Finance Authority, 6.0%, 8/15/25
(Pre-Refunded) 1,611,024
650,000 Illinois Finance Authority, Unrefunded Christian
Homes, 6.125%, 5/15/27 650,748
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 17
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Illinois -- (continued)
1,000,000 Illinois Finance Authority, American Water Capital
Corp., Project, 5.25%, 5/1/40 $ 1,051,720
5,000,000 Illinois Finance Authority, Roosevelt University
Project, 6.5%, 4/1/39 5,352,750
4,000,000 Illinois Finance Authority, Silver Cross Hospital
& Medical Centers, 5.5%, 8/15/30 4,227,400
20,000,000 Metropolitan Pier & Exposition Authority, Capital
Appreciation-McCormick-Series A, 6/15/39 (c) 5,942,800
5,000,000 Metropolitan Pier & Exposition Authority,
McCormick Place Convention, 7.0%, 7/1/26
(Pre-Refunded) 6,531,900
3,000,000 Railsplitter Tobacco Settlement Authority,
6.0%, 6/1/28 3,521,880
---------------
$ 34,064,672
-----------------------------------------------------------------------------------------------
Indiana -- 2.0%
2,000,000 Indiana Bond Bank, Special Project-Hendricks
Regional Health-A, 5.5%, 2/1/29 $ 2,229,200
2,000,000 Indiana Finance Authority, Import-U.S. Steel Corp.,
6.0%, 12/1/26 2,170,900
5,000,000 Indiana Health & Educational Facilities Financing
Authority, Clarian Health Obligation-Series A,
4.75%, 2/15/34 5,140,800
7,000,000 Indiana Health & Educational Facilities Financing
Authority, Clarian Health Obligation-Series A,
5.0%, 2/15/39 7,208,110
3,000,000 Indiana University, Series A, 4.0%, 6/1/42 3,039,210
380,000 Indianapolis Local Public Improvement Bond Bank,
Series B, 6.0%, 1/10/20 415,507
---------------
$ 20,203,727
-----------------------------------------------------------------------------------------------
Louisiana -- 1.9%
6,000,000 Jefferson Parish Hospital Service District No. 2,
East Jefferson General Hospital, 6.375%, 7/1/41 $ 6,903,180
385,000 Louisiana Local Government Environmental
Facilities & Community Development Authority,
Capital Projects & Equipment Acquisition,
5.25%, 12/1/18 395,911
10,000,000 Louisiana Public Facilities Authority, Ochsner
Clinic Foundation Project-Series A, 5.5%, 5/15/47 10,584,300
400,000 Louisiana State Citizens Property Insurance
Corp., 5.0%, 6/1/24 456,688
500,000 Louisiana State Citizens Property Insurance
Corp., 5.0%, 6/1/24 578,275
---------------
$ 18,918,354
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Maine -- 1.2%
4,500,000 Maine Health & Higher Educational Facilities
Authority, Maine General Medical Center,
6.75%, 7/1/36 $ 5,100,750
3,040,000 Maine Health & Higher Educational Facilities
Authority, Maine General Medical Center,
6.95%, 7/1/41 3,475,358
2,745,000 University of Maine, 5.0%, 3/1/25 3,290,788
---------------
$ 11,866,896
-----------------------------------------------------------------------------------------------
Maryland -- 4.5%
3,000,000 County of Frederick Maryland, Mount St. Mary
University, 5.625%, 9/1/38 $ 3,006,960
400,000 Maryland Economic Development Corp.,
5.0%, Senior Lien-Chesapeake Bay -- Series A,
12/1/16 (d) 219,880
900,000 Maryland Economic Development Corp.,
5.0%, Senior Lien-Chesapeake Bay -- Series B,
12/1/16 (d) 494,730
2,000,000 Maryland Economic Development Corp., Potomac,
6.2%, 9/1/22 2,323,220
6,250,000 Maryland Health & Higher Educational Facilities
Authority, Ascension Health-Series B,
5.0%, 11/15/51 6,814,812
9,000,000 State of Maryland, 3.0%, 3/1/30 (f) 8,842,410
3,500,000 State of Maryland, 4.5%, 8/1/19 (f) 3,961,405
10,000,000 State of Maryland, 5.0%, 3/1/21 (f) 11,825,100
3,880,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/43 (f) 3,955,815
3,735,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/44 (f) 3,805,143
---------------
$ 45,249,475
-----------------------------------------------------------------------------------------------
Massachusetts -- 16.9%
5,075,000 City of Cambridge Massachusetts, 3.0%,
2/15/35 (f) $ 4,763,649
6,400,000 0.74 Commonwealth of Massachusetts, Floating Rate
Note, 11/1/25 (f) 6,180,800
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/29 (f) 1,279,811
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/31 (f) 1,248,429
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/32 (f) 1,241,461
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/33 (f) 1,228,812
5,000,000 Massachusetts Department of Transportation,
Capital Appreciation Senior Series A, 1/1/28 (c) 3,370,200
3,000,000 Massachusetts Development Finance Agency,
3.5%, Roxbury Latin School, 7/1/44 2,738,880
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 19
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Massachusetts -- (continued)
2,700,000 Massachusetts Development Finance Agency,
Partners Healthcare System Series O 4.0%,
7/1/45 $ 2,667,411
1,000,000 Massachusetts Development Finance Agency,
Tufts University Series Q, 4.0%, 8/15/38 1,004,930
9,930,000 Massachusetts Development Finance Agency,
Partners Healthcare System Series E, 5.0%, 7/1/31 11,276,707
4,000,000 Massachusetts Development Finance Agency,
Boston University-Series X, 5.0%, 10/1/48 4,378,400
1,855,000 Massachusetts Development Finance Agency,
Adventcare Project-Series A, 6.25%, 10/15/17 1,960,197
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/21 1,162,540
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/22 1,146,030
1,000,000 Massachusetts Development Finance Agency,
Berkshire Health System-Series G, 5.0%, 10/1/30 1,085,870
1,980,000 Massachusetts Development Finance Agency,
Broad Institute-Series A, 5.375%, 4/1/41 2,186,474
500,000 Massachusetts Development Finance Agency,
Evergreen Center, Inc., 5.5%, 1/1/35 500,225
1,000,000 Massachusetts Development Finance Agency,
Foxborough Regional Charter School-Series A,
7.0%, 7/1/42 1,120,850
4,000,000 Massachusetts Development Finance Agency,
Lowell General Hospital-Series G, 5.0%, 7/1/44 4,146,760
400,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center-Series F,
5.625%, 7/15/36 433,160
500,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center-Series F,
5.75%, 7/15/43 543,880
2,000,000 Massachusetts Development Finance Agency,
Northeastern University, 4.0%, 10/1/35 2,025,060
450,000 Massachusetts Development Finance Agency,
Northeastern University-Series A, 5.0%, 3/1/39 496,539
1,000,000 Massachusetts Development Finance Agency,
Tufts Medical Center-Series I, 6.75%, 1/1/36 1,154,900
1,000,000 Massachusetts Development Finance Agency,
UMass Memorial-Series H, 5.125%, 7/1/26 1,090,980
6,185,000 Massachusetts Development Finance Agency,
WGBH Educational Foundation-Series A,
5.75%, 1/1/42 7,433,690
1,680,000 Massachusetts Development Finance Agency,
Wheelock College-Series C, 5.25%, 10/1/29 1,789,956
3,320,000 Massachusetts Development Finance Agency,
Wheelock College-Series C, 5.25%, 10/1/37 3,508,609
1,585,000 Massachusetts Development Finance Agency,
Whitehead Inst Biomedical Research, 5.0%, 6/1/25 1,835,842
The accompanying notes are an integral part of these financial statements.
20 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Massachusetts -- (continued)
4,200,000 Massachusetts Development Finance Agency,
Williams College-Series P, 5.0%, 7/1/43 $ 4,682,958
2,500,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 4.0%, 9/1/49 2,467,050
1,250,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 5.0%, 9/1/50 1,353,900
3,355,000 Massachusetts Health & Educational Facilities
Authority, Unrefunded Boston Medical Center,
5.25%, 7/1/38 3,501,513
395,000 Massachusetts Health & Educational Facilities
Authority, Boston Medical Center, 5.25%,
7/1/38 (Pre-Refunded) 443,289
4,500,000 Massachusetts Health & Educational Facilities
Authority, Emerson Hospital-Series E,
4.625%, 8/15/28 4,511,610
3,400,000 Massachusetts Health & Educational Facilities
Authority, Harvard University-Series A,
5.5%, 11/15/36 3,870,764
2,335,000 Massachusetts Health & Educational Facilities
Authority, Mass Eye & Ear Infirmary -- Series C,
5.375%, 7/1/35 2,511,036
12,000,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series K, 5.5%, 7/1/32 15,783,842
1,000,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series O, 5.5%, 7/1/36 (Pre-Refunded) 1,132,470
2,000,000 Massachusetts Health & Educational Facilities
Authority, Northeastern University-Series T-2,
4.125%, 10/1/37 2,029,980
1,000,000 Massachusetts Port Authority, Reference Series B,
5.0%, 7/1/32 1,134,260
1,000,000 Massachusetts Port Authority, Reference Series B,
5.0%, 7/1/33 1,130,200
7,000,000 Massachusetts School Building Authority, Senior
Series B, 5.0%, 8/15/29 8,068,970
3,975,000 Massachusetts State College Building Authority,
5.0%, 5/1/28 4,576,020
2,420,000 Massachusetts Water Resources Authority, Reference
General Series B, 5.25%, 8/1/36 3,010,480
5,000,000 Town of Braintree Massachusetts, 5.0%, 5/15/25 (f) 6,056,900
2,000,000 Town of Chatham Massachusetts, 3.5%, 6/15/37 (f) 1,966,600
1,875,000 Town of Lexington Massachusetts, 4.0%, 2/15/21 (f) 2,113,856
1,535,000 Town of Plymouth Massachusetts, 3.375%, 5/1/32 (f) 1,532,022
1,265,000 Town of Plymouth Massachusetts, 3.5%, 5/1/35 (f) 1,253,299
1,590,000 Town of Reading Massachusetts, 3.0%, 4/15/20 (f) 1,704,178
1,385,000 Town of Reading Massachusetts, 3.0%, 4/15/22 (f) 1,476,548
1,625,000 Town of Reading Massachusetts, 3.0%, 4/15/23 (f) 1,731,470
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 21
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Massachusetts -- (continued)
4,000,000 Town of Wellesley Massachusetts, 4.0%, 6/1/45 (f) $ 4,049,000
4,500,000 Town of Wilmington Massachusetts, 4.0%,
3/15/37 (f) 4,584,735
2,500,000 University of Massachusetts Building Authority,
Senior Series 1, 5.0%, 11/1/39 2,769,650
4,160,000 Woods Hole Marthas Vineyard & Nantucket
Steamship Authority, Series A, 4.0%, 3/1/28 4,510,480
---------------
$ 168,958,132
-----------------------------------------------------------------------------------------------
Michigan -- 0.8%
1,385,000 John Tolfree Health System Corp., 6.0%, 9/15/23 $ 1,385,928
3,125,000 Michigan Public Educational Facilities Authority,
Ltd., Obligation-David Ellis-West Project,
5.875%, 6/1/37 3,125,375
2,000,000 Michigan State Hospital Finance Authority,
Presbyterian Villages of Michigan Obligated
Group, 5.25%, 11/15/25 2,003,400
1,000,000 Michigan State Hospital Finance Authority,
Presbyterian Villages of Michigan Obligated
Group, 5.5%, 11/15/35 1,001,790
---------------
$ 7,516,493
-----------------------------------------------------------------------------------------------
Minnesota -- 0.4%
1,445,000 University of Minnesota, Series B, 3.0%, 1/1/18 $ 1,521,036
600,000 University of Minnesota, Series B, 4.0%, 1/1/20 669,234
1,000,000 University of Minnesota, Series B, 4.0%, 1/1/29 1,064,510
860,000 University of Minnesota, Series B, 4.0%, 1/1/30 912,176
---------------
$ 4,166,956
-----------------------------------------------------------------------------------------------
Mississippi -- 0.3%
2,750,000 County of Warren Mississippi, International
Paper Co.-Series A, 5.8%, 5/1/34 $ 3,056,790
-----------------------------------------------------------------------------------------------
Missouri -- 1.5%
2,500,000 Health & Educational Facilities Authority of the
State of Missouri, Cox Health Series A, 5.0%,
11/15/35 $ 2,723,775
4,000,000 Health & Educational Facilities Authority of the
State of Missouri, Mercy Health-Series F, 4.0%,
11/15/45 3,823,560
2,000,000 Missouri Development Finance Board, City of
Indepenence -- Annual Appropriation Sewer
System, 5.25%, 11/1/42 2,175,620
75,000 Missouri State Environmental Improvement &
Energy Resources Authority, Unrefunded State
Revolving, 5.125%, 1/1/20 75,307
5,500,000 University of Missouri, Reference Series A,
5.0%, 11/1/25 6,671,500
---------------
$ 15,469,762
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Nebraska -- 0.3%
2,880,000 Omaha School District, 3.125%, 12/15/33 (f) $ 2,691,014
-----------------------------------------------------------------------------------------------
New Hampshire -- 0.9%
5,000,000 New Hampshire Health and Education Facilities
Authority Act, Southern NH Medical Center-Series A,
5.0%, 10/1/32 $ 5,243,900
3,750,000 New Hampshire Health and Education Facilities
Authority Act, Southern NH Medical Center-Series A,
5.0%, 10/1/37 3,902,025
---------------
$ 9,145,925
-----------------------------------------------------------------------------------------------
New Jersey -- 1.1%
475,000 New Jersey Economic Development Authority,
First Mortgage-Seashore Gardens Project,
5.3%, 11/1/26 $ 420,304
3,000,000 New Jersey Educational Facilities Authority,
Princeton University-Series B, 5.0%, 7/1/39 3,337,800
5,115,000 New Jersey Health Care Facilities Financing
Authority, Trinitas Hospital Obligation Group-Series A,
5.25%, 7/1/30 5,392,233
2,000,000 New Jersey Transportation Trust Fund Authority,
Transportation System-Series A, 5.5%, 6/15/41 2,090,240
---------------
$ 11,240,577
-----------------------------------------------------------------------------------------------
New York -- 2.4%
2,500,000 Albany Industrial Development Agency, St Peters
Hospital Project-Series A, 5.25%, 11/15/32 $ 2,748,750
10,000,000 New York Counties Tobacco Trust V, Capital
Appreciation Sub Pass-Through Series 1, 6/1/38 (c) 2,191,500
5,015,000 New York State Dormitory Authority, Series A,
5.0%, 3/15/31 5,781,091
5,030,000 New York State Dormitory Authority, Columbia
University, 5.0%, 10/1/41 5,631,588
5,515,000 New York State Dormitory Authority, Insured-FIT
Student Housing Corp., 5.25%, 7/1/24 6,259,415
1,500,000 Port Authority of New York & New Jersey,
Consolidated Ninety-Third Series, 6.125%, 6/1/94 1,784,190
---------------
$ 24,396,534
-----------------------------------------------------------------------------------------------
North Carolina -- 0.8%
3,000,000 City of Charlotte North Carolina Storm Water
Revenue, 4.0%, 12/1/43 $ 3,090,240
4,000,000 City of Raleigh North Carolina, 5.0%, 9/1/20 (f) 4,706,800
---------------
$ 7,797,040
-----------------------------------------------------------------------------------------------
North Dakota -- 0.5%
5,000,000 County of McLean North Dakota, Great River
Energy-Series B, 5.15%, 7/1/40 $ 5,238,500
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 23
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Ohio -- 3.8%
10,000,000 Buckeye Tobacco Settlement Financing Authority,
Asset Backed Senior Turbo Series A2,
5.75%, 6/1/34 $ 7,931,600
6,000,000 Buckeye Tobacco Settlement Financing Authority,
Asset Backed Senior Turbo Series A2, 6.5%, 6/1/47 5,142,060
1,500,000 County of Cuyahoga Ohio, Eliza Jennings Senior
Care-Series A, 6.0%, 5/15/37 1,530,195
1,500,000 County of Cuyahoga Ohio, Eliza Jennings Senionr
Care-Series A, 6.0%, 5/15/42 1,528,845
5,000,000 County of Lake Ohio, Lake Hospital System-Series C,
6.0%, 8/15/43 5,529,100
10,000,000 JobsOhio Beverage System, Senior Lien Series A,
5.0%, 1/1/38 10,975,400
5,000,000 State of Ohio, 5.0%, 6/15/29 (f) 5,756,750
---------------
$ 38,393,950
-----------------------------------------------------------------------------------------------
Oklahoma -- 0.5%
4,715,000 McGee Creek Authority, 6.0%, 1/1/23 $ 5,190,131
-----------------------------------------------------------------------------------------------
Oregon -- 0.7%
3,000,000 Deschutes & Jefferson Counties School District
No. 2J Redmond Oregon, 3.0%, 6/15/32 (f) $ 2,881,380
2,000,000 Multnomah County School District No. 40,
6/15/30 (c)(f) 1,120,660
2,000,000 Multnomah County School District No. 40,
6/15/31 (c)(f) 1,068,900
1,715,000 Multnomah County School District No. 40,
6/15/32 (c)(f) 870,620
1,000,000 Oregon Health & Science University, Series E,
4.0%, 7/1/31 1,035,850
---------------
$ 6,977,410
-----------------------------------------------------------------------------------------------
Pennsylvania -- 3.8%
835,000 Allentown Area Hospital Authority, Sacred Heart
Hospital, 6.0%, 11/15/16 (Pre-Refunded) $ 852,234
5,000,000 3.50 Beaver County Industrial Development Authority,
FirstEnergy Nuclear-Series B, Floating Rate
Note, 12/1/35 5,152,750
5,000,000 Lehigh County Industrial Development Authority,
PPL Electric Utilities Corp Project, 4.75%, 2/15/27 5,004,750
1,000,000 Montgomery County Industrial Development
Authority Pennsylvania, Foulkeways At Gwynedd
Project-Series A, 5.0%, 12/1/24 1,015,270
1,000,000 Montgomery County Industrial Development
Authority Pennsylvania, Foulkeways At Gwynedd
Project-Series A, 5.0%, 12/1/30 1,027,400
4,750,000 Pennsylvania Higher Educational Facilities Authority,
Thomas Jefferson University, 5.0%, 9/1/39 5,191,322
1,000,000 Pennsylvania Higher Educational Facilities Authority,
Edinboro University Foundation, 6.0%, 7/1/43 1,077,660
The accompanying notes are an integral part of these financial statements.
24 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Pennsylvania -- (continued)
11,500,000 0.83 Pennsylvania Higher Educational Facilities
Authority, Foundation Indiana University
PA-Series A, Floating Rate Note, 7/1/39 $ 9,025,430
1,000,000 Pennsylvania Higher Educational Facilities
Authority, University Properties, Inc., East
Stroudsburg, 5.0%, 7/1/42 1,045,400
5,000,000 Pennsylvania Turnpike Commission, Series D,
5.3%, 12/1/41 5,497,700
2,500,000 Philadelphia Authority for Industrial Development,
Children's Hospital Philadelphia Project Series A,
5.0%, 7/1/42 2,752,950
---------------
$ 37,642,866
-----------------------------------------------------------------------------------------------
South Carolina -- 1.9%
7,500,000 County of Florence South Carolina, 4.0%, 6/1/20 (f) $ 8,385,300
1,000,000 SCAGO Educational Facilities Corp. for Pickens
School District, 3.25%, 12/1/28 958,430
8,265,000 South Carolina State Public Service Authority,
Santee Cooper-Series D, 5.0%, 12/1/43 8,952,152
500,000 State of South Carolina, 5.0%, 4/1/20 (f) 583,355
---------------
$ 18,879,237
-----------------------------------------------------------------------------------------------
South Dakota -- 0.0%+
65,000 South Dakota Conservancy District, State Revolving
Fund-Series A, 5.625%, 8/1/17 (Pre-Refunded) $ 65,295
-----------------------------------------------------------------------------------------------
Texas -- 12.6%
7,100,000 Central Texas Regional Mobility Authority, Capital
Appreciation Senior Lien, 1/1/25 (c) $ 4,752,172
3,550,000 Central Texas Regional Mobility Authority, Capital
Appreciation, 1/1/26 (c) 2,261,456
3,000,000 Central Texas Regional Mobility Authority, Capital
Appreciation, 1/1/27 (c) 1,810,260
2,500,000 Central Texas Regional Mobility Authority, Sub Lien,
6.75%, 1/1/41 2,999,675
5,000,000 City of Pearland Texas, 4.0%, 3/1/29 (f) 5,204,300
11,900,000 Dallas Area Rapid Transit, Series A, 5.0%, 12/1/33 13,629,784
8,285,000 Dallas Area Rapid Transit, Senior Lien,
5.25%, 12/1/29 10,256,002
10,000,000 Dallas County Utility & Reclamation District,
5.375%, 2/15/29 (f) 10,546,900
5,080,000 Eagle Mountain & Saginaw Independent School
District, 3.0%, 8/15/29 (f) 4,887,519
1,000,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Greater Houston Area-Series,
5.0%, 6/1/28 1,077,060
500,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Greater Houston Area-Series,
5.0%, 6/1/33 528,075
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 25
Schedule of Investments | 6/30/15 (unaudited) (continued)
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Texas -- (continued)
2,750,000 Houston Higher Education Finance Corp., Rice
University Project-Series A, 5.0%, 5/15/35 $ 3,102,082
5,000,000 Lubbock-Cooper Independent School District,
4.0%, 2/15/49 (f) 5,003,300
4,000,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/30 4,440,520
5,000,000 North Texas Tollway Authority, Series A, 5.0%, 1/1/35 5,445,700
2,000,000 North Texas Tollway Authority, 1st Tier Series D,
5.0%, 1/1/38 2,159,840
7,525,000 State of Texas, 5.0%, 4/1/29 (f) 8,744,802
4,000,000 Texas Municipal Gas Acquisition & Supply Corp., III,
5.0%, 12/15/31 4,303,760
10,410,000 Texas Private Activity Bond Surface Transportation
Corp., Senior Lien-LBJ Infrastructure, 7.0%, 6/30/40 12,412,676
2,755,000 Texas State Public Finance Authority Charter School
Finance Corp., Ed-Cosmos Foundation Inc.-Series A,
6.2%, 2/15/40 3,303,135
4,500,000 Texas Transportation Commission State Highway
Fund, 1st Tier Series A, 5.0%, 4/1/23 5,397,075
6,100,000 The University of Texas System, Reference
Financing Series A, 5.0%, 8/15/20 7,165,121
5,000,000 The University of Texas System, Financing System
Series A, 5.0%, 8/15/24 6,121,050
---------------
$ 125,552,264
-----------------------------------------------------------------------------------------------
Utah -- 0.6%
500,000 Utah State Charter School Finance Authority,
North Davis Preparatory, 5.75%, 7/15/20 $ 542,910
4,835,000 Utah Transit Authority, 5.0%, 6/15/31 5,675,710
---------------
$ 6,218,620
-----------------------------------------------------------------------------------------------
Virginia -- 6.1%
10,450,000 County of Fairfax Virginia, 4.0%, 10/1/34 (f) $ 11,003,223
14,990,000 Tobacco Settlement Financing Corp., Virginia,
Senior Series B1, 5.0%, 6/1/47 10,380,275
10,000,000 University of Virginia, Series A1, 4.0%, 4/1/45 10,251,500
4,000,000 University of Virginia, Reference Series A,
5.0%, 6/1/37 4,529,960
5,000,000 University of Virginia, Reference Series A,
5.0%, 6/1/43 5,602,800
5,000,000 Upper Occoquan Sewage Authority, 4.0%, 7/1/41 5,132,900
5,000,000 Virginia Public School Authority, 4.0%, 8/1/25 5,609,400
7,500,000 Washington County Industrial Development Authority
Virginia, Mountain States Health Alliance-Series C,
7.75%, 7/1/38 8,600,850
---------------
$ 61,110,908
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
-----------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-----------------------------------------------------------------------------------------------
Washington -- 7.1%
10,000,000 FYI Properties, Washington State District Project,
5.5%, 6/1/39 $ 11,265,000
10,000,000 King County Housing Authority, Birch Creek
Apartments Project, 5.5%, 5/1/38 10,969,200
3,000,000 King County Public Hospital District No. 1, 5.25%,
12/1/37 (f) 3,209,730
3,000,000 King County School District No. 411 Issaquah,
4.5%, 12/1/30 3,305,370
1,500,000 Public Utility District No. 1 of Franklin County,
Series A, 5.0%, 9/1/38 1,657,485
10,390,000 State of Washington, 5.0%, 7/1/30 (f) 12,041,179
5,000,000 State of Washington, 5.0%, 8/1/36 (f) 5,595,050
6,685,000 University of Washington, Series B, 5.0%, 6/1/28 7,915,976
5,600,000 University of Washington, 5.0%, 6/1/37
(Pre-Refunded) 6,057,352
5,000,000 Washington Health Care Facilities Authority,
Providence Health -- Series C, 5.25%, 10/1/33 5,525,800
2,400,000 Washington Health Care Facilities Authority, VA
Mason Medical-Series A, 6.125%, 8/15/37 2,567,016
1,140,000 Washington State Housing Finance Commission,
Skyline At First Hill Project-Series A, 5.25%, 1/1/17 1,152,779
---------------
$ 71,261,937
-----------------------------------------------------------------------------------------------
Wisconsin -- 0.5%
1,430,000 Adams-Friendship Area School District, 6.5%,
4/1/16 (f) $ 1,492,748
3,000,000 Wisconsin Health & Educational Facilities
Authority, Ministry Health Care, Inc. -- Series B
5.125%, 8/15/35 3,281,250
---------------
$ 4,773,998
-----------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $963,551,454) $ 992,022,373
-----------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------
CLAIM -- 0.0%+
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Research & Consulting Services -- 0.0%+
200 CMS Liquidating Trust* $ 578,000
-----------------------------------------------------------------------------------------------
TOTAL CLAIM
(Cost $640,000) $ 578,000
-----------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.2%
(Cost $964,191,454) (a) $ 992,600,373
-----------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.8% $ 7,641,344
-----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,000,241,717
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 27
Schedule of Investments | 6/30/15 (unaudited) (continued)
(Pre-Refunded) Pre-refunded bonds have been collateralized by U.S. Treasury
securities which are held in escrow and used to pay principal and
interest on the tax-exempt issue and to retire the bonds in full
at the earliest refunding date.
+ Amount rounds to less than 0.1%.
* Non-income producing security.
(a) At June 30, 2015, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$964,107,774 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 39,898,414
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (11,405,815)
------------
Net unrealized appreciation $(28,492,599)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
(c) Security is issued with a zero coupon. Income is earned through
accretion of discount.
(d) Security is in default and is non-income producing.
(e) Consists of Revenue Bonds unless otherwise indicated.
(f) Represents a General Obligation Bond.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 2015, aggregated $376,276,837 and $175,922,074,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - 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 risk,
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes To Financial Statements -- Note 1A.
The following is a summary of the inputs used as of June 30, 2015, in valuing
the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Municipal Bonds $-- $992,022,373 $-- $992,022,373
Claim -- 578,000 -- 578,000
--------------------------------------------------------------------------------
Total $-- $992,600,373 $-- $992,600,373
================================================================================
During the six months ended June 30, 2015, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
28 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Statement of Assets and Liabilities | 6/30/15 (unaudited)
ASSETS:
Investment in securities (cost $964,191,454) $ 992,600,373
Receivables --
Investment securities sold 422,984
Fund shares sold 1,068,641
Interest 12,179,921
Due from Pioneer Investment Management, Inc. 88,592
Other assets 48,223
--------------------------------------------------------------------------------
Total assets $1,006,408,734
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 703,361
Fund shares repurchased 3,733,791
Dividends 1,063,118
Due to custodian 368,826
Due to affiliates 240,770
Accrued expenses 57,151
--------------------------------------------------------------------------------
Total liabilities $ 6,167,017
================================================================================
NET ASSETS:
Paid-in capital $1,014,296,323
Undistributed net investment income 6,162,449
Accumulated net realized loss on investments (48,625,974)
Net unrealized appreciation on investments 28,408,919
--------------------------------------------------------------------------------
Total net assets $1,000,241,717
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (Based on $687,256,538/48,330,896 shares) $ 14.22
Class C (Based on $49,602,760/3,517,583 shares) $ 14.10
Class Y (Based on $263,382,419/18,579,489 shares) $ 14.18
MAXIMUM OFFERING PRICE:
Class A ($14.22 (divided by) 95.5%) $ 14.89
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 29
Statement of Operations (unaudited)
For the Six Months Ended 6/30/15
INVESTMENT INCOME:
Interest $ 18,757,961
---------------------------------------------------------------------------------------------
Total investment income $ 18,757,961
=============================================================================================
EXPENSES:
Management fees $ 2,200,901
Transfer agent fees
Class A 100,679
Class C 2,053
Class Y 1,162
Distribution fees
Class A 871,993
Class C 246,361
Shareholder communication expense 236,488
Administrative reimbursements 139,839
Custodian fees 7,118
Registration fees 31,794
Professional fees 44,319
Printing expense 8,259
Fees and expenses of nonaffiliated trustees 20,028
Interest expense 1,511
Miscellaneous 55,323
---------------------------------------------------------------------------------------------
Total expenses $ 3,967,828
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (88,592)
---------------------------------------------------------------------------------------------
Net expenses $ 3,879,236
---------------------------------------------------------------------------------------------
Net investment income $ 14,878,725
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments $ 783,400
---------------------------------------------------------------------------------------------
Change in net unrealized appreciation on Investments $ (18,514,423)
---------------------------------------------------------------------------------------------
Net loss on investments $ (17,731,023)
---------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (2,852,298)
=============================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------
Six Months
Ended Year
6/30/15 Ended
(unaudited) 12/31/14
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 14,878,725 $ 27,516,091
Net realized gain on investments and class actions 783,400 19,321,508
Change in net unrealized appreciation (depreciation)
on investments (18,514,423) 53,346,370
-------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (2,852,298) $ 100,183,969
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.26 and $0.54 per share, respectively) $ (12,829,971) $ (26,218,236)
Class B ($0.00 and $0.36 per share, respectively)* -- (43,567)
Class C ($0.21 and $0.43 per share, respectively) (720,732) (1,236,633)
Class Y ($0.28 and $0.58 per share, respectively) (4,507,648) (2,941,686)
-------------------------------------------------------------------------------------------
Total distributions to shareowners $ (18,058,351) $ (30,440,122)
-------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 289,698,635 $ 122,973,311
Reinvestment of distributions 12,807,764 23,598,257
Cost of shares repurchased (125,704,276) (117,870,871)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 176,802,123 $ 28,700,697
-------------------------------------------------------------------------------------------
Net increase in net assets $ 155,891,474 $ 98,444,544
NET ASSETS:
Beginning of period $ 844,350,243 $ 745,905,699
-------------------------------------------------------------------------------------------
End of period $1,000,241,717 $ 844,350,243
===========================================================================================
Undistributed net investment income $ 6,162,449 $ 9,342,075
===========================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 31
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------
'15 Shares '15 Amount
(unaudited) (unaudited) '14 Shares '14 Amount
--------------------------------------------------------------------------------------
Class A
Shares sold 2,440,529 $ 35,488,403 3,894,837 $ 55,137,119
Reinvestment of
distributions 690,399 9,988,284 1,435,854 20,338,345
Less shares repurchased (3,040,473) (43,897,337) (6,061,669) (85,464,546)
--------------------------------------------------------------------------------------
Net increase
(decrease) 90,455 $ 1,579,350 (730,978) $ (9,989,082)
======================================================================================
Class B*
Shares exchanged -- $ -- 2,460 $ 34,873
Reinvestment of
distributions -- -- 2,080 29,042
Less shares repurchased -- -- (146,823) (2,076,618)
--------------------------------------------------------------------------------------
Net decrease -- $ -- (142,283) $ (2,012,703)
======================================================================================
Class C
Shares sold 430,030 $ 6,193,250 997,000 $ 14,074,993
Reinvestment of
distributions 40,276 577,714 70,611 992,444
Less shares repurchased (273,879) (3,921,527) (584,153) (8,111,620)
--------------------------------------------------------------------------------------
Net increase 196,427 $ 2,849,437 483,458 $ 6,955,817
======================================================================================
Class Y
Shares sold 17,123,574 $ 248,016,982 3,786,155 $ 53,726,326
Reinvestment of
distributions 155,557 2,241,766 158,251 2,238,426
Less shares repurchased (5,443,526) (77,885,412) (1,572,853) (22,218,087)
--------------------------------------------------------------------------------------
Net increase 11,835,605 $ 172,373,336 2,371,553 $ 33,746,665
======================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
32 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/15 Ended Ended Ended Ended Ended
(unaudited) 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.49 $ 13.25 $ 14.56 $ 13.40 $ 12.56 $ 12.86
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22 $ 0.49 $ 0.61 $ 0.61 $ 0.62 $ 0.57
Net realized and unrealized gain (loss) on investments (0.23) 1.29 (1.37) 1.09 0.82 (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 1.78 $ (0.76) $ 1.70 $ 1.44 $ 0.29
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.26) $ (0.54) $ (0.55) $ (0.54) $ (0.60) $ (0.59)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.27) $ 1.24 $ (1.31) $ 1.16 $ 0.84 $ (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.22 $ 14.49 $ 13.25 $ 14.56 $ 13.40 $ 12.56
====================================================================================================================================
Total return* (0.06)% 13.61%(b) (5.33)% 12.87%(a) 11.73% 2.15%
Ratio of net expenses to average net assets 0.82%** 0.83%(c) 0.82% 0.82% 0.82% 0.82%
Ratio of net investment income (loss) to average net
assets 3.02%** 3.46% 4.16% 4.35% 4.77% 4.55%
Portfolio turnover rate 37%** 29% 15% 17% 14% 18%
Net assets, end of period (in thousands) $687,257 $699,229 $649,007 $824,216 $767,290 $749,235
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 0.83%** 0.85% 0.84% 0.83% 0.87% 0.85%
Net investment income (loss) to average net assets 3.01%** 3.44% 4.14% 4.33% 4.72% 4.52%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2012, the total return would have been
12.64%.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2014, the total return would have been
13.53%.
(c) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 33
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/15 Ended Ended Ended Ended Ended
(unaudited) 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 14.37 $ 13.14 $ 14.44 $ 13.29 $ 12.46 $ 12.77
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16 $ 0.36 $ 0.49 $ 0.49 $ 0.51 $ 0.47
Net realized and unrealized gain (loss) on investments (0.22) 1.30 (1.35) 1.09 0.81 (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.06) $ 1.66 $ (0.86) $ 1.58 $ 1.32 $ 0.17
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.43) $ (0.44) $ (0.43) $ (0.49) $ (0.48)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.27) $ 1.23 $ (1.30) $ 1.15 $ 0.83 $ (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.10 $ 14.37 $ 13.14 $ 14.44 $ 13.29 $ 12.46
====================================================================================================================================
Total return* (0.44)% 12.75%(b) (6.05)% 12.03%(a) 10.84% 1.26%
Ratio of net expenses to average net assets 1.57%** 1.60%(c) 1.59% 1.58% 1.61% 1.60%
Ratio of net investment income (loss) to average net assets 2.28%** 2.69% 3.39% 3.58% 3.98% 3.78%
Portfolio turnover rate 37%** 29% 15% 17% 14% 18%
Net assets, end of period (in thousands) $49,603 $47,734 $37,291 $45,106 $37,834 $38,548
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 1.57%** 1.60% 1.59% 1.58% 1.61% 1.60%
Net investment income (loss) to average net assets 2.28%** 2.69% 3.39% 3.58% 3.98% 3.78%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2012, the total return would have been
11.87%.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2014, the total return would have been
12.67%.
(c) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
34 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/15 Ended Ended Ended Ended Ended
(unaudited) 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.44 $ 13.21 $ 14.52 $ 13.37 $ 12.53 $ 12.84
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.17 $ 0.46 $ 0.68 $ 0.63 $ 0.67 $ 0.58
Net realized and unrealized gain (loss) on investments (0.15) 1.35 (1.41) 1.10 0.80 (0.26)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.02 $ 1.81 $ (0.73) $ 1.73 $ 1.47 $ 0.32
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.28) $ (0.58) $ (0.58) $ (0.58) $ (0.63) $ (0.63)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.26) $ 1.23 $ (1.31) $ 1.15 $ 0.84 $ (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.18 $ 14.44 $ 13.21 $ 14.52 $ 13.37 $ 12.53
====================================================================================================================================
Total return* 0.14% 13.86%(b) (5.10)% 13.12%(a) 12.04% 2.34%
Ratio of net expenses to average net assets 0.55%** 0.56%(c) 0.55% 0.55% 0.55% 0.55%
Ratio of net investment income (loss) to average net assets 3.29%** 3.70% 4.41% 4.60% 5.04% 4.81%
Portfolio turnover rate 37%** 29% 15% 17% 14% 18%
Net assets, end of period (in thousands) $263,382 $97,387 $57,739 $86,296 $65,896 $76,959
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.61%** 0.65% 0.67% 0.58% 0.57% 0.55%
Net investment income (loss) to average net assets 3.23%** 3.61% 4.29% 4.57% 5.02% 4.80%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2012, the total return would have been
12.85%.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended December 31, 2014, the total return would have been
13.78%.
(c) Includes interest expense of 0.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 35
Notes to Financial Statements | 6/30/15 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer AMT-Free Municipal Fund (the Fund) is one of two series comprising
Pioneer Series Trust II, 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 seek a high level
of current income exempt from federal income tax as is consistent with the
relative stability of capital.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class B shares were converted to Class A shares as of the close of
business on November 10, 2014. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, 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, which are consistent with
those policies generally accepted in the investment company industry:
36 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed
income securities are valued at prices supplied by independent pricing
services, which consider such factors as market prices, market events,
quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources,
as required. Equity securities that have traded on an exchange are valued
at the last sale price on the principal exchange where they are traded.
Equity securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued
using the mean between the last bid and asked prices. Shares of money
market mutual funds are valued at such Funds' net asset value. Cash may
include overnight time deposits at approved financial institutions.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At June 30, 2015, no securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services or broker-dealers).
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 37
B. Investment Income and Transactions
Discount and premium on purchase prices of debt securities are accreted or
amortized, respectively, daily into interest income on a yield-to-maturity
basis over the life of the respective security with a corresponding
increase or decrease in the cost basis of the security. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis.
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 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, 2014, 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 in 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. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions 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, 2014 was as follows:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 2,038,786
Tax-exempt income 28,401,336
---------------------------------------------------------------------------
Total $30,440,122
===========================================================================
38 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
The following shows the components of distributable earnings on a federal
income tax basis at December 31, 2014:
---------------------------------------------------------------------------
2014
---------------------------------------------------------------------------
Distributable earnings:
Undistributed tax-exempt income $ 9,258,395
Capital loss carryforward (49,409,374)
Net unrealized appreciation 47,007,022
---------------------------------------------------------------------------
Total $ 6,856,043
===========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferrals of losses on wash sales and tax treatment
of premium and amortization.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.,
(UniCredit), earned $22,565 in underwriting commissions on the sale of
Class A shares during the six months ended June 30, 2015.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), 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 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 39
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $250 million; 0.45% of the next $500
million; and 0.40% of the excess over $750 million. For the six months ended
June 30, 2015, the effective management fee (excluding waivers and/or assumption
of expenses) was equivalent to 0.45% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 0.82% and 0.55% of the average
daily net assets attributable to Class A and Class Y shares, respectively. Fees
waived and expenses reimbursed during the six months ended June 30, 2015 are
reflected on the Statement of Operations. These expense limitations are in
effect through May 1, 2016 for Class A and Class Y shares. There can be no
assurance that PIM will extend the expense limit agreement for a class of shares
beyond the date referred to above.
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
$51,869 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates. In
addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by PIMSS
related to shareholder communications activities such as proxy and statement
mailings, outgoing phone calls and omnibus relationship contracts.
40 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
For the six months ended June 30, 2015, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $115,336
Class C 10,968
Class Y 110,184
--------------------------------------------------------------------------------
Total $236,488
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $164,681 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2015.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $24,220 in distribution fees payable to
PFD at June 30, 2015.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSC are paid to PFD. For the
six months ended June 30, 2015, CDSC in the amount of $4,086 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended June 30, 2015, the Fund's expenses
were not reduced under such arrangements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 41
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $240 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12, 2014) on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement.
For the six months ended June 30, 2015, the average daily amount of borrowings
outstanding during the period was $102,210. The related weighted average
annualized interest rate for the period was 0.98% and the total interest expense
on such borrowings was $1,511, which is included in interest expense, located on
the Statement of Operations. As of June 30, 2015, there were no borrowings
outstanding.
Additional Information
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
42 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15 43
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, 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 us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
44 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/15
How to Contact Pioneer
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
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19451-09-0815
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)).
Ms. Marguerite A. Piret, 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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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 Pioneer Investment Management, Inc ("PIM"), 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 SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES 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. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 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 SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
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 SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
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 SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
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.
Not applicable.
(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.
Not applicable.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services
that were rendered to the Affiliates (as defined) that were
not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining
the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust II
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date August 28, 2015
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 & Chief Executive Officer
Date August 28, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 28, 2015
* Print the name and title of each signing officer under his or her signature.