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, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: December 31
Date of reporting period: January 1, 2019 through June 30, 2019
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
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Semiannual Report | June 30, 2019
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Ticker Symbols:
Class A PBMFX
Class C MNBCX
Class Y PBYMX
Beginning in February 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Fund's shareholder
reports like this one will no longer be sent by mail, unless you specifically
request paper copies of the reports from the Fund or from your financial
intermediary, such as a broker-dealer, bank or insurance company. Instead, the
reports will be made available on the Fund's website, and you will be notified
by mail each time a report is posted and provided with a website link to access
the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 33
Notes to Financial Statements 40
Trustees, Officers and Service Providers 49
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
June 30, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 3
Portfolio Management Discussion | 6/30/19
In the following interview, Lead Portfolio Manager David Eurkus outlines the
investment environment for tax-free bonds during the six-month period ended
June 30, 2019, and the factors that affected the performance of Pioneer
AMT-Free Municipal Fund during the period. Mr. Eurkus, a Managing Director,
Director of Municipals, and a portfolio manager at Amundi Pioneer Asset
Management, Inc. (Amundi Pioneer), is responsible for the day-to-day management
of the Fund, along with Jonathan Chirunga, a Managing Director, Deputy Director
of Municipals, and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended June 30, 2019?
A Pioneer AMT-Free Municipal Fund's Class A shares returned 5.90% at net
asset value during the six-month period ended June 30, 2019, while the
Fund's benchmark, the Bloomberg Barclays Municipal Bond Index (the
Bloomberg Barclays Index), returned 5.09%. During the same six-month
period, the average return of the 176 mutual funds in Morningstar's
Municipal National Long Funds Category was 5.85%.
Q How would you describe the investment environment for tax-exempt bonds
during the six-month period ended June 30, 2019?
A The investment environment for municipal bonds was extremely favorable
over the past six months. Key factors driving the positive conditions in
the municipal market over the period included sharp declines in U.S.
Treasury medium- and longer-term rates, the U.S. Federal Reserve (the Fed)
abruptly shifting from monetary tightening to a more accommodative policy
stance, and strong demand for tax-free bonds combined with limited supply.
In addition, the municipal bond market continued to benefit from the
longer-term effects of the U.S. tax reform legislation passed in late
2017, which went into effect in January 2018.
Fixed-income yields fell sharply during the six-month period due to
investors' concerns over how U.S.-China trade tensions might hurt the
already slowing global economy. Global central banks also reacted to trade
concerns as the Fed, after raising interest rates four times in 2018,
including in December, pivoted on monetary policy and indicated that it
would pause on further rate increases. As the period progressed, the Fed
took its easing tone one step further by hinting at one or two potential
interest-rate cuts over the remainder of 2019. The European Central Bank
also announced some accommodative measures in response to slowing global
economic data and trade concerns.
4 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
In late March, the Treasury yield curve inverted for the first time since
2007, as long-term rates declined and the curve had a negative slope.
Historically, an inverted curve often has been a leading indicator of an
economic downturn.
During the six-month period, the municipal bond market benefited from
steady investor demand as inflows to tax-free mutual funds surged and
remained strong. As noted earlier, the federal tax reform legislation
passed in December 2017 continued to exert a significant impact on the
municipal bond market over the six-month period. The revisions to the tax
code effective in January 2018 included treating investors' interest
income received on advance refunding bonds issued after December 31, 2017,
as taxable income. (An advance refunding bond is issued to retire, or
pre-refund, another outstanding bond more than 90 days in advance of the
original bond's maturity date.) Prior to the change in the tax law,
municipalities traditionally used advance refundings to refinance debt at
lower rates and to delay repayment of principal. The revised law has
effectively removed approximately one-quarter of the prior municipal
supply from the tax-exempt marketplace, which in turn has helped to boost
tax-free bond prices. In addition, the concurrently enacted federal limits
on state and local tax (SALT) deductions has dramatically increased demand
for municipal investments in high-tax states.
State and local governments enjoyed strong tax collections and revenues
over the six-month period, but reduced federal spending on infrastructure
has forced municipalities to finance more of their own infrastructure
projects. However, much of the spending has been cash-based rather than
done with municipal financing, due to state officials' concerns that the
U.S. economy could be on the verge of a recession, and that has negatively
affected municipal supply. Lastly, while the tax-exempt bond market
continued to receive support from demand by its traditional investors, it
also benefited from other factors, including interest by non-traditional
buyers, such as global insurance companies looking for relative safety, a
low default rate, and attractive bond valuations versus taxable bonds.
Q What were your principal investment strategies in managing the Fund's
portfolio during the six-month period ended June 30, 2019?
A Our focus remained the same during the six-month period, which is to keep
the portfolio fully invested in securities that have a variety of coupon
structures in the longer-term municipal market, as those investments offer
higher yield potential in the tax-exempt marketplace. We believe that,
over the long term, our broadly diversified* strategy positions the Fund
for strong performance relative to its benchmark and its municipal fund
peers. The Fund also continues to have a strong focus on sectors that are
vital to
* Diversification does not assure a profit nor protect against loss.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 5
the national as well as regional economies. The sectors include health
care/hospitals, public and private education, power/energy, and
transportation.
During the period, we maintained our emphasis on overall portfolio
quality. As of June 30, 2019, roughly 30% of the portfolio's holdings were
rated "AAA" or the equivalent, and approximately 83% were rated "A" or
better. In addition, the Fund's investments remain broadly diversified
across a wide range of municipal bond sectors.
Q What were the most significant contributors to and detractors from the
Fund's benchmark-relative performance during the six-month period ended
June 30, 2019?
A The Fund's investments in education bonds from New York State, sales
tax/motor vehicle excise tax bonds from Puget Sound (Washington), and
Massachusetts-based health care/education bonds were among the most
significant contributors to benchmark-relative returns during the
six-month period.
Individual detractors from the Fund's benchmark-relative performance
included pollution control bonds from Missouri, industrial revenue bonds
from Arizona, and Texas education bonds.
Q What was the status of the Fund's distributions to shareholders during the
six-month period ended June 30, 2019?
A The Fund's distributions** remained stable over the six-months, beginning
and ending the period at 0.34 cents per share between January 2019 and
June 2019.
Q What is your outlook as we move into the second half of the Fund's fiscal
year?
A We believe the Fed's monetary policy should become an increasingly
important determinant of the performance of the municipal bond market
going forward. In the past, once the Fed has embarked on a policy course,
whether tightening credit conditions or becoming more accommodative, it
typically has not reversed course quickly. We appear to be in an
environment of declining interest rates for the foreseeable near-term
future, with occasional geopolitical or economic disruptions.
In addition, it seems that the current supply/demand imbalance for
tax-exempt bonds will continue. That, in turn, should support municipal
bond prices. In light of the growing evidence of a slowdown in the global
economy, we look for more and more domestic and international investors to
participate in the municipal bond market.
** Distributions are not guaranteed.
6 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
We continue to maintain the Fund's duration at approximately one year
longer than that of the Bloomberg Barclays Index, due to the attractive
yields available at the longer end of the municipal yield curve. (Duration
is a measure of the sensitivity of the price, or the value of principal,
of a fixed-income investment to a change in interest rates, expressed as a
number of years.)
We will continue to hold select, longer-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 monitor the Fund's
holdings to ensure continued strength in credit quality as well as the
timely payment of principal and interest. 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 income that is free
from federal income taxes.
Please refer to the Schedule of Investments on pages 17-32 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
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 the
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 7
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 Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Portfolio Summary | 6/30/19
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
General Obligation 29.4%
Education Revenue 27.6%
Health Revenue 13.1%
Transportation Revenue 7.3%
Development Revenue 7.0%
Tobacco Revenue 6.4%
Water Revenue 5.7%
Utilities Revenue 2.3%
Other Revenue 0.5%
Pollution Control Revenue 0.5%
Power Revenue 0.1%
Facilities Revenue 0.1%
State Diversification
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Massachusetts 20.43%
Texas 9.19%
Virginia 7.51%
California 7.48%
Florida 7.10%
Washington 6.20%
Pennsylvania 4.69%
New York 4.00%
Illinois 3.22%
North Carolina 3.04%
Maryland 2.73%
Georgia 2.51%
Oregon 2.28%
Minnesota 2.17%
Ohio 1.77%
Arizona 1.56%
Colorado 1.52%
Rhode Island 1.48%
Mississippi 1.17%
District of Columbia 1.13%
New Jersey 1.11%
New Hampshire 1.06%
Maine 0.96%
Missouri 0.78%
Michigan 0.76%
South Carolina 0.62%
Louisiana 0.59%
Utah 0.59%
Connecticut 0.44%
North Dakota 0.43%
Delaware 0.43%
Puerto Rico 0.31%
Indiana 0.28%
Oklahoma 0.24%
Nebraska 0.17%
Other 0.05%
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 9
Portfolio Summary | 6/30/19 (continued)
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Massachusetts Health & Educational Facilities Authority, Massachusetts
Institute of Technology, Series K, 5.5%, 7/1/32 2.00%
-------------------------------------------------------------------------------------------------------
2. Tobacco Settlement Financing Corp., Senior, Series B-1, 5.0%, 6/1/47 1.53
-------------------------------------------------------------------------------------------------------
3. Central Puget Sound Regional Transit Authority, Series S-1, 5.0%, 11/1/46 1.32
-------------------------------------------------------------------------------------------------------
4. New York State Dormitory Authority, Columbia University, Series A-2, 5.0%, 10/1/46 1.22
-------------------------------------------------------------------------------------------------------
5. Virginia Public Building Authority, Series A, 3.0%, 8/1/38 1.21
-------------------------------------------------------------------------------------------------------
6. Massachusetts Development Finance Agency, Broad Institute, 4.0%, 4/1/41 1.17
-------------------------------------------------------------------------------------------------------
7. University of Virginia, Series A-1, 4.0%, 4/1/45 1.10
-------------------------------------------------------------------------------------------------------
8. State of Washington, Series 2015-D, 5.0%, 7/1/30 1.03
-------------------------------------------------------------------------------------------------------
9. Golden State Tobacco Securitization Corp., Asset-Backed, Series A-2, 5.0%, 6/1/47 1.01
-------------------------------------------------------------------------------------------------------
10. State of Florida, Department Transportation Right of Way, 4.0%, 7/1/39 1.00
-------------------------------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
10 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Prices and Distributions | 6/30/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/19 12/31/18
--------------------------------------------------------------------------------
A $14.86 $14.23
--------------------------------------------------------------------------------
C $14.74 $14.11
--------------------------------------------------------------------------------
Y $14.83 $14.19
--------------------------------------------------------------------------------
Distributions per Share: 1/1/19 - 6/30/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income* Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2040 $ -- $ --
--------------------------------------------------------------------------------
C $0.1485 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2224 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Bloomberg 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 12-14.
* Dividends per share may not reflect the amounts reported in the financial
statements due to the last business day of the reporting period falling on
a holiday weekend. Dividends are not guaranteed.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 11
Performance Update | 6/30/19 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 Bloomberg
Barclays Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2019)
------------------------------------------------------
Net Public BBG
Asset Offering Barclays
Value Price Municipal
Period (NAV) (POP) Bond Index
------------------------------------------------------
10 years 5.96% 5.47% 4.72%
5 years 4.08 3.13 3.64
1 year 6.65 1.85 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
0.81%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer AMT-Free Municipal Bond
Municipal Fund Index
6/09 $ 9,550 $10,000
6/10 $10,914 $10,961
6/11 $11,227 $11,342
6/12 $12,788 $12,465
6/13 $12,926 $12,494
6/14 $13,947 $13,262
6/15 $14,497 $13,660
6/16 $15,980 $14,705
6/17 $15,737 $14,633
6/18 $15,974 $14,862
6/19 $17,036 $15,859
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. POP
returns reflect deduction of maximum 4.50% sales charge. NAV returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Performance Update | 6/30/19 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 Bloomberg Barclays Municipal Bond
Index.
Average Annual Total Returns
(As of June 30, 2019)
------------------------------------------------------
BBG
Barclays
If If Municipal
Period Held Redeemed Bond Index
------------------------------------------------------
10 years 5.15% 5.15% 4.72%
5 years 3.30 3.30 3.64
1 year 5.90 5.90 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2019)
------------------------------------------------------
Gross
------------------------------------------------------
1.57%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Bloomberg Barclays
Pioneer AMT-Free Municipal Bond
Municipal Fund Index
6/09 $10,000 $10,000
6/10 $11,335 $10,961
6/11 $11,569 $11,342
6/12 $13,076 $12,465
6/13 $13,116 $12,494
6/14 $14,048 $13,262
6/15 $14,483 $13,660
6/16 $15,856 $14,705
6/17 $15,493 $14,633
6/18 $15,606 $14,862
6/19 $16,526 $15,859
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. NAV returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 13
Performance Update | 6/30/19 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 Bloomberg Barclays Municipal Bond
Index.
Average Annual Total Returns
(As of June 30, 2019)
------------------------------------------------------
Net BBG
Asset Barclays
Value Municipal
Period (NAV) Bond Index
------------------------------------------------------
10 years 6.30% 4.72%
5 years 4.39 3.64
1 year 7.01 6.71
------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2019)
------------------------------------------------------
Gross Net
------------------------------------------------------
0.65% 0.55%
------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Bloomberg Barclays
Pioneer AMT-Free Municipal Bond
Municipal Fund Index
6/09 $5,000,000 $5,000,000
6/10 $5,765,822 $5,480,596
6/11 $5,944,607 $5,671,062
6/12 $6,789,235 $6,232,519
6/13 $6,871,031 $6,247,243
6/14 $7,429,250 $6,631,033
6/15 $7,748,532 $6,829,913
6/16 $8,565,052 $7,352,584
6/17 $8,455,790 $7,316,749
6/18 $8,604,427 $7,431,205
6/19 $9,207,507 $7,929,563
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2020, for Class Y shares. There can be no assurance that
Amundi 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.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
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, 2019 through June 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/19
--------------------------------------------------------------------------------
Ending Account $1,059.00 $1,055.40 $1,061.20
Value on 6/30/19
--------------------------------------------------------------------------------
Expenses Paid $4.19 $8.00 $2.81
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 | 6/30/19 15
Comparing Ongoing Fund Expenses
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, 2019 through June 30, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/19
--------------------------------------------------------------------------------
Ending Account $1,020.73 $1,017.01 $1,022.07
Value on 6/30/19
--------------------------------------------------------------------------------
Expenses Paid $4.11 $7.85 $2.76
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.82%,
1.57% and 0.55% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
16 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Schedule of Investments | 6/30/19 (unaudited)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 98.3%
MUNICIPAL BONDS -- 98.3% of Net Assets(a)
Arizona -- 1.5%
5,680,000 Arizona Department of Transportation State Highway
Fund Revenue, 5.0%, 7/1/30 $ 6,920,853
135,000(b) City of Mesa, Utility System Revenue, 3.25%, 7/1/29 146,584
9,865,000 City of Mesa, Utility System Revenue, 3.25%, 7/1/29 10,452,066
9,000 County of Pima, Industrial Development Authority,
Arizona Charter Schools Project, Series C,
6.75%, 7/1/31 9,106
1,000,000 Maricopa County Pollution Control Corp., Southern
California Education Co., Series A, 5.0%, 6/1/35 1,021,550
--------------
Total Arizona $ 18,550,159
------------------------------------------------------------------------------------------------------------
California -- 7.4%
10,000,000(c) Alameda Corridor Transportation Authority, California
Revenue Capital Appreciation Senior Lien, Series A,
10/1/31 (NATL Insured) $ 7,325,000
12,595,000(c) Anaheim Public Financing Authority, Public
Improvements Project, Series C, 9/1/36
(AGM Insured) 7,390,746
20,000,000(c) California County Tobacco Securitization Agency,
Capital Appreciation, Stanislaus County,
Subordinated, Series A, 6/1/46 3,627,800
36,350,000(c) California County Tobacco Securitization Agency,
Capital Appreciation, Stanislaus County,
Subordinated, Series D, 6/1/55 1,242,079
6,400,000 California Educational Facilities Authority, Stanford
University, Series U-A, 5.0%, 5/1/45 9,247,104
3,575,000(b) California Statewide Communities Development
Authority, Sutter Health, Series A, 6.0%, 8/15/42 3,771,339
5,000,000 City of San Francisco, Public Utilities Commission
Water Revenue, Series A, 4.0%, 11/1/33 5,471,200
7,000,000 City of San Francisco, Public Utilities Commission
Water Revenue, Series A, 4.0%, 11/1/34 7,641,270
5,000,000(d) Coast Community College District, Election 2012,
Series D, 5.0%, 8/1/31 6,239,500
12,000,000 Golden State Tobacco Securitization Corp.,
Asset-Backed, Series A-2, 5.0%, 6/1/47 12,000,000
3,000,000 Long Beach Bond Finance Authority, Series A,
5.5%, 11/15/37 4,038,390
2,180,000(d) Pomona Unified School District, Series A, 6.55%,
8/1/29 (NATL Insured) 2,845,336
5,000,000(d) San Diego Unified School District, Series R2,
0.0%, 7/1/40 4,693,800
3,500,000 San Francisco City & County Airport Commission-
San Francisco International Airport, Series B,
5.0%, 5/1/47 4,103,435
1,500,000(d) San Jose Evergreen Community College District,
Election of 2010, Series A, 5.0%, 8/1/41 1,651,635
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 17
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
California -- (continued)
1,500,000(b) Santa Cruz County Redevelopment Agency, Live
Oak / Soquel Community Improvement, Series A,
6.625%, 9/1/29 $ 1,513,875
5,000,000 University of California, Series AV, 5.0%, 5/15/35 6,047,000
--------------
Total California $ 88,849,509
------------------------------------------------------------------------------------------------------------
Colorado -- 1.5%
2,500,000 Regional Transportation District, Denver Trans
Partners, 6.0%, 1/15/26 $ 2,585,225
1,250,000 Regional Transportation District, Denver Trans
Partners, 6.0%, 1/15/34 1,286,700
1,000,000 Regional Transportation District, Denver Trans
Partners, 6.0%, 1/15/41 1,026,310
2,000,000 Regional Transportation District, Denver Trans
Partners, 6.5%, 1/15/30 2,073,840
5,000,000 University of Colorado, Series A-2, 4.0%, 6/1/38 5,565,000
5,000,000 University of Colorado, Series A-2, 4.0%, 6/1/39 5,560,400
--------------
Total Colorado $ 18,097,475
------------------------------------------------------------------------------------------------------------
Connecticut -- 0.4%
3,000,000(d) Metropolitan District, 3.0%, 3/1/29 $ 3,082,140
2,000,000 Mohegan Tribal Finance Authority, Connecticut Tribal
Economic Development, 7.0%, 2/1/45 (144A) 2,082,100
--------------
Total Connecticut $ 5,164,240
------------------------------------------------------------------------------------------------------------
Delaware -- 0.4%
4,975,000 Delaware State Economic Development Authority,
Facility-Indian River Power, 5.375%, 10/1/45 $ 5,128,678
--------------
Total Delaware $ 5,128,678
------------------------------------------------------------------------------------------------------------
District of Columbia -- 1.1%
10,000,000 District of Columbia Tobacco Settlement Financing
Corp., Asset-Backed, 6.75%, 5/15/40 $ 10,537,500
84,000,000(c) District of Columbia Tobacco Settlement Financing
Corp., Asset-Backed, Series C, 6/15/55 2,845,920
--------------
Total District of Columbia $ 13,383,420
------------------------------------------------------------------------------------------------------------
Florida -- 7.0%
1,000,000 Central Florida Expressway Authority, 5.0%, 7/1/39 $ 1,182,900
2,000,000 Central Florida Expressway Authority, Senior Lien,
5.0%, 7/1/38 2,343,320
2,615,000 City of Tampa, Baycare Health Care, Series A,
5.0%, 11/15/46 2,991,142
6,145,000 County of Hillsborough FL, 3.0%, 8/1/41 6,020,134
4,500,000 County of Hillsborough, Utility Revenue, 3.0%, 8/1/37 4,621,545
5,000,000(b) County of Miami-Dade, Aviation Revenue, Series B,
5.5%, 10/1/41 5,055,900
2,500,000 County of Orange, Water Utility System Revenue,
3.0%, 10/1/32 2,576,725
The accompanying notes are an integral part of these financial statements.
18 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Florida -- (continued)
4,645,000 County of Orange, Water Utility System Revenue,
3.0%, 10/1/34 $ 4,760,289
3,000,000 Escambia County Health Facilities Authority, Baptist
Hospital, Inc. Project, Series A, 6.0%, 8/15/36 3,142,020
1,390,000 Florida Development Finance Corp., Renaissance
Charter School, Series A, 6.0%, 9/15/30 1,435,592
5,000,000 Florida's Turnpike Enterprise, Department
Transportation, Series A, 4.0%, 7/1/30 5,479,800
6,850,000 JEA Water & Sewer System Revenue, Series A,
4.0%, 10/1/34 7,584,320
3,400,000(b) St. Johns County Industrial Development Authority,
Presbyterian Retirement, Series A, 6.0%, 8/1/45 3,569,490
8,000,000(d) State of Florida, Capital Outlay, Series A,
3.0%, 6/1/29 8,380,240
8,000,000(d) State of Florida, Capital Outlay, Series C,
3.0%, 6/1/30 8,422,080
4,645,000(d) State of Florida, Department Transportation Right
of Way, 3.25%, 7/1/37 4,843,620
10,660,000(d) State of Florida, Department Transportation Right
of Way, 4.0%, 7/1/39 11,840,488
--------------
Total Florida $ 84,249,605
------------------------------------------------------------------------------------------------------------
Georgia -- 2.5%
8,000,000(d) City of Atlanta, Public Improvement, 4.5%, 12/1/29 $ 9,140,400
2,040,000(d) County of Fulton, Library Bond, 3.25%, 7/1/37 2,111,441
2,870,000(d) County of Fulton, Library Bond, 3.5%, 7/1/39 2,982,963
4,790,000(d) County of Fulton, Library Bond, 4.0%, 7/1/40 5,210,754
2,000,000 Main Street Natural Gas, Inc., Series A,
4.0%, 5/15/39 2,085,160
5,000,000 Metropolitan Atlanta Rapid Transit Authority,
Series C, 3.5%, 7/1/38 5,204,400
2,750,000 Private Colleges & Universities Authority, Emory
University, Series A, 5.0%, 10/1/43 3,086,160
--------------
Total Georgia $ 29,821,278
------------------------------------------------------------------------------------------------------------
Illinois -- 3.2%
1,000,000 Illinois Finance Authority, American Water Capital
Corp., Project, 5.25%, 5/1/40 $ 1,016,070
1,000,000 Illinois Finance Authority, Art Institute Of Chicago,
4.0%, 3/1/38 1,084,040
1,500,000 Illinois Finance Authority, Art Institute Of Chicago,
5.0%, 3/1/30 1,786,005
5,000,000 Illinois Finance Authority, Centegra Health System,
Series A, 5.0%, 9/1/42 5,597,500
1,500,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/36 1,659,645
2,175,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/37 2,397,720
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 19
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Illinois -- (continued)
3,000,000 Illinois Finance Authority, Northwestern Memorial
Healthcare, 4.0%, 7/15/47 $ 3,212,280
8,540,000 Illinois Finance Authority, Presence Health Network,
Series C, 5.0%, 2/15/33 10,168,578
1,000,000 Illinois Finance Authority, Presence Health Network,
Series C, 5.0%, 2/15/36 1,181,110
5,000,000(b) Illinois Finance Authority, Roosevelt University Project,
6.5%, 4/1/39 5,065,850
4,130,000(e) Metropolitan Pier & Exposition Authority, Mccormick
Place Convention, 7.0%, 7/1/26 4,999,406
--------------
Total Illinois $ 38,168,204
------------------------------------------------------------------------------------------------------------
Indiana -- 0.3%
3,000,000 Indiana University, Series A, 4.0%, 6/1/42 $ 3,208,080
85,000 Indianapolis Local Public Improvement Bond Bank,
Series B, 6.0%, 1/10/20 86,864
--------------
Total Indiana $ 3,294,944
------------------------------------------------------------------------------------------------------------
Louisiana -- 0.6%
6,000,000 Jefferson Parish Hospital Service District No. 2, East
Jefferson General Hospital, 6.375%, 7/1/41 $ 5,999,220
400,000(b) Louisiana State Citizens Property Insurance Corp.,
5.0%, 6/1/24 441,392
500,000(b) Louisiana State Citizens Property Insurance Corp.,
5.0%, 6/1/24 (AGM Insured) 553,210
--------------
Total Louisiana $ 6,993,822
------------------------------------------------------------------------------------------------------------
Maine -- 1.0%
4,500,000 Maine Health & Higher Educational Facilities Authority,
Maine General Medical Center, 6.75%, 7/1/36 $ 4,853,475
3,040,000 Maine Health & Higher Educational Facilities Authority,
Maine General Medical Center, 6.95%, 7/1/41 3,287,517
2,745,000 University of Maine, 5.0%, 3/1/25 (AGM Insured) 3,291,831
--------------
Total Maine $ 11,432,823
------------------------------------------------------------------------------------------------------------
Maryland -- 2.7%
900,000(f) Maryland Economic Development Corp., Senior
Lien-Chesapeake Bay, Series A, 5.0%, 12/1/16 $ 562,500
400,000(f) Maryland Economic Development Corp., Senior
Lien-Chesapeake Bay, Series B, 5.0%, 12/1/16 250,000
6,250,000 Maryland Health & Higher Educational Facilities
Authority, Ascension Health, Series B, 5.0%, 11/15/51 6,704,375
5,000,000(d) State of Maryland, Series A, 5.0%, 3/15/29 6,174,250
5,175,000(d) Washington Suburban Sanitary Commission,
Consolidated Public Improvement, 3.0%, 6/1/35 5,336,615
5,180,000(d) Washington Suburban Sanitary Commission,
Consolidated Public Improvement, 3.0%, 6/1/37 5,310,277
The accompanying notes are an integral part of these financial statements.
20 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Maryland -- (continued)
3,880,000(d) Washington Suburban Sanitary Commission,
Consolidated Public Improvement, Second Series,
4.0%, 6/1/43 $ 4,102,518
3,735,000(d) Washington Suburban Sanitary Commission,
Consolidated Public Improvement, Second Series,
4.0%, 6/1/44 3,946,028
--------------
Total Maryland $ 32,386,563
------------------------------------------------------------------------------------------------------------
Massachusetts -- 20.1%
3,485,000(d) Cape Cod Regional Technical High School District,
School Project Loan Chapter 70 B, 4.0%, 11/15/37 $ 3,841,481
3,485,000(d) Cape Cod Regional Technical High School District,
School Project Loan Chapter 70 B, 4.0%, 11/15/38 3,831,862
1,475,000(d) City of Attleboro, Municipal Purpose Loan,
3.125%, 2/15/35 1,516,654
1,520,000(d) City of Attleboro, Municipal Purpose Loan,
3.25%, 2/15/36 1,576,772
1,565,000(d) City of Attleboro, Municipal Purpose Loan,
3.25%, 2/15/37 1,618,648
1,055,000(d) City of Beverly, 3.125%, 10/15/39 1,070,160
2,000,000(d) City of Boston, Series A, 5.0%, 3/1/39 2,486,240
1,375,000(d) City of Cambridge, Municipal Purpose Loan,
4.0%, 2/15/26 1,649,092
5,075,000(d) City of Cambridge, Municipal Purpose Loan,
Series A, 3.0%, 2/15/35 5,212,837
1,300,000(d) Concord & Carlisle Regional School District,
3.0%, 3/15/29 1,332,370
1,300,000(d) Concord & Carlisle Regional School District,
3.0%, 3/15/31 1,325,363
1,300,000(d) Concord & Carlisle Regional School District,
3.0%, 3/15/33 1,319,773
7,175,000(c) Massachusetts Bay Transportation Authority,
Series A, 7/1/28 5,880,630
5,000,000(c) Massachusetts Department of Transportation,
Series A, 1/1/28 (NATL Insured) 4,193,100
4,200,000 Massachusetts Development Finance Agency,
Agency Williams College, Series P, 5.0%, 7/1/43 4,720,422
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/21 1,076,850
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/22 1,073,580
1,500,000 Massachusetts Development Finance Agency,
Berklee College Music, 5.0%, 10/1/35 1,788,195
1,000,000 Massachusetts Development Finance Agency,
Berkshire Health System, Series G, 5.0%, 10/1/30 1,060,710
4,000,000 Massachusetts Development Finance Agency,
Boston University, Series X, 5.0%, 10/1/48 4,461,960
12,690,000 Massachusetts Development Finance Agency,
Broad Institute, 4.0%, 4/1/41 13,936,412
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 21
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
2,000,000 Massachusetts Development Finance Agency,
Broad Institute, 5.0%, 4/1/37 $ 2,400,160
6,255,000(b) Massachusetts Development Finance Agency, Broad
Institute, Inc., Series A, 5.375%, 4/1/41 6,691,662
1,000,000(b) Massachusetts Development Finance Agency,
Foxborough Regional Charter School, Series A,
7.0%, 7/1/42 1,056,650
5,000,000 Massachusetts Development Finance Agency,
Harvard University, Series A, 4.0%, 7/15/36 5,626,700
1,000,000 Massachusetts Development Finance Agency,
Harvard University, Series A, 5.0%, 7/15/40 1,395,760
5,000,000 Massachusetts Development Finance Agency,
Lawrence General Hospital, Series A, 5.5%, 7/1/44 5,304,850
4,000,000 Massachusetts Development Finance Agency,
Lowell General Hospital, Series G, 5.0%, 7/1/44 4,223,360
400,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center, Series F,
5.625%, 7/15/36 432,044
500,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center, Series F,
5.75%, 7/15/43 537,455
2,000,000 Massachusetts Development Finance Agency,
Northeastern University, 4.0%, 10/1/35 2,073,120
450,000 Massachusetts Development Finance Agency,
Northeastern University, Series A, 5.0%, 3/1/39 506,844
9,930,000 Massachusetts Development Finance Agency,
Partners Healthcare System, 5.0%, 7/1/31 11,555,044
2,700,000 Massachusetts Development Finance Agency,
Partners Healthcare System, Series O, 4.0%, 7/1/45 2,820,177
8,000,000 Massachusetts Development Finance Agency,
Partners Healthcare System, Series S, 4.0%, 7/1/35 8,888,960
5,000,000 Massachusetts Development Finance Agency,
Partner's Healthcare System, Series S-1,
4.0%, 7/1/41 5,375,300
400,000(b) Massachusetts Development Finance Agency,
Tufts Medical, Series I, 6.75%, 1/1/36 432,344
600,000(b) Massachusetts Development Finance Agency,
Tufts Medication Center, Series, 6.75%, 1/1/36 644,922
125,000(b) Massachusetts Development Finance Agency,
Tufts University, Series Q, 4.0%, 8/15/38 144,327
875,000 Massachusetts Development Finance Agency,
Tufts University, Series Q, 4.0%, 8/15/38 933,958
1,000,000 Massachusetts Development Finance Agency,
UMass Memorial, Series H, 5.125%, 7/1/26 1,072,210
6,600,000 Massachusetts Development Finance Agency,
WGBH Educational Foundation, Series A, 5.75%,
1/1/42 (AMBAC Insured) 9,809,448
4,080,000(c) Massachusetts Development Finance Agency,
WGBH Educational Foundation, Series B,
1/1/38 (AGC Insured) 2,347,795
The accompanying notes are an integral part of these financial statements.
22 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
1,585,000 Massachusetts Development Finance Agency,
Whitehead Institute Biomedical Research,
5.0%, 6/1/25 $ 1,687,090
835,000 Massachusetts Development Finance Agency,
Woods Hole Oceanographic Institution, 5.0%, 6/1/38 1,004,931
1,000,000 Massachusetts Development Finance Agency,
Woods Hole Oceanographic Institution, 5.0%, 6/1/43 1,185,640
500,000 Massachusetts Development Finance Agency,
Woods Hole Oceanographic Institution, 5.0%, 6/1/48 592,555
2,500,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 4.0%, 9/1/49 2,620,725
1,250,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 5.0%, 9/1/50 1,358,762
6,000,000(g) Massachusetts Health & Educational Facilities
Authority, Harvard University, Series R, 1.7%, 11/1/49 6,000,000
2,335,000(b) Massachusetts Health & Educational Facilities
Authority, Massachusetts Eye And Ear Infirmary,
Series C, 5.375%, 7/1/35 2,426,322
16,950,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of Technology,
Series K, 5.5%, 7/1/32 23,771,867
2,000,000 Massachusetts Health & Educational Facilities
Authority, Northeastern University, Series T-2,
4.125%, 10/1/37 2,072,880
1,000,000 Massachusetts Port Authority, Series B, 5.0%, 7/1/32 1,103,970
1,000,000 Massachusetts Port Authority, Series B, 5.0%, 7/1/33 1,094,190
3,000,000 Massachusetts Port Authority, Series C, 5.0%, 7/1/33 3,447,540
1,960,000(b) Massachusetts State College Building Authority,
Series A, 5.0%, 5/1/28 (ST INTERCEPT Insured) 2,158,332
2,015,000 Massachusetts State College Building Authority.
Series A, 5.0%, 5/1/28 (ST INTERCEPT Insured) 2,212,047
2,420,000 Massachusetts Water Resources Authority, General,
Series B, 5.25%, 8/1/36 (AGM Insured) 3,495,859
1,600,000(d) Town of Lexington, Municipal Purpose Loan,
3.125%, 2/1/36 1,723,712
1,150,000(d) Town of Lexington, Municipal Purpose Loan,
3.125%, 2/1/37 1,228,568
1,635,000(d) Town of Lexington, Municipal Purpose Loan,
3.25%, 2/1/38 1,752,933
1,305,000(d) Town of Nantucket, 2.0%, 12/15/27 1,350,688
5,000,000(d) Town of Natick, Municipal Purpose Loan,
4.0%, 7/15/37 5,505,400
1,955,000(d) Town of Norwood, Municipal Purpose Loan,
2.125%, 7/15/30 1,936,154
2,000,000(d) Town of Plymouth, Municipal Purpose Loan,
3.0%, 5/1/31 2,073,140
1,535,000(d) Town of Plymouth, Municipal Purpose Loan,
3.375%, 5/1/32 1,598,426
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 23
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
1,265,000(d) Town of Plymouth, Municipal Purpose Loan,
3.5%, 5/1/35 $ 1,317,624
3,500,000(d) Town of Plymouth, Municipal Purpose Loan,
3.5%, 5/1/44 3,606,155
2,635,000(d) Town of Plymouth, Municipal Purpose Loan,
5.0%, 5/1/29 3,240,866
4,160,000(d) Town of Stoughton, Municipal Purpose Loan,
3.0%, 10/15/37 4,223,814
1,000,000(d) Town of Wellesley, Municipal Purpose Loan,
4.0%, 6/1/41 1,074,220
4,000,000(d) Town of Wellesley, Municipal Purpose Loan,
4.0%, 6/1/45 4,283,960
4,500,000(d) Town of Wilmington, School, 4.0%, 3/15/37 4,690,800
2,500,000 University of Massachusetts Building Authority,
Series 1, 5.0%, 11/1/39 2,742,975
4,160,000 Woods Hole Marthas Vineyard & Nantucket
Steamship Authority, Series A, 4.0%, 3/1/28 4,691,981
--------------
Total Massachusetts $ 242,520,327
------------------------------------------------------------------------------------------------------------
Michigan -- 0.7%
2,870,000 Michigan Public Educational Facilities Authority,
Limited Obligation-David Ellis-West Project,
5.875%, 6/1/37 $ 3,081,433
5,000,000 University of Michigan, 5.0%, 4/1/36 5,935,600
--------------
Total Michigan $ 9,017,033
------------------------------------------------------------------------------------------------------------
Minnesota -- 2.1%
5,000,000 City of Rochester, Health Care Facilities, Mayo Clinic,
4.0%, 11/15/48 $ 5,453,450
3,000,000 City of Rochester, Mayo Clinic, Series B,
5.0%, 11/15/29 3,846,750
5,350,000 City of Rochester, Mayo Clinic, Series B,
5.0%, 11/15/36 7,317,034
3,000,000(d) State of Minnesota, Series B, 3.0%, 10/1/36 3,064,500
2,875,000 University of Minnesota, Series A, 5.0%, 4/1/33 3,419,784
600,000 University of Minnesota, Series B, 4.0%, 1/1/20 607,422
1,000,000 University of Minnesota, Series B, 4.0%, 1/1/29 1,096,810
860,000 University of Minnesota, Series B, 4.0%, 1/1/30 940,642
--------------
Total Minnesota $ 25,746,392
------------------------------------------------------------------------------------------------------------
Mississippi -- 1.2%
2,750,000 County of Warren, International Paper Co.,
Series A, 5.8%, 5/1/34 $ 2,835,690
11,075,000(g) Mississippi Business Finance Corp., Chevron
USA, Inc., Project, Series F, 2.0%, 12/1/30 11,075,000
--------------
Total Mississippi $ 13,910,690
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Missouri -- 0.8%
2,500,000 Health & Educational Facilities Authority of the
State of Missouri, CoxHealth Hospital, Series A,
5.0%, 11/15/35 $ 2,834,800
4,000,000 Health & Educational Facilities Authority of the
State of Missouri, Mercy Health, Series F,
4.0%, 11/15/45 4,101,120
2,000,000 Missouri Development Finance Board, City of
Independence-Annual Appropiation Sewer System,
5.25%, 11/1/42 2,263,680
75,000 Missouri State Environmental Improvement &
Energy Resources Authority, Unrefunded
Balance-St. Revolving, 5.125%, 1/1/20 75,196
--------------
Total Missouri $ 9,274,796
------------------------------------------------------------------------------------------------------------
Nebraska -- 0.2%
2,000,000 University of Nebraska, University Nebraska Lincoln
Student, Series A, 3.0%, 7/1/35 $ 2,027,800
--------------
Total Nebraska $ 2,027,800
------------------------------------------------------------------------------------------------------------
New Hampshire -- 1.0%
4,000,000 New Hampshire Health & Education Facilities
Authority Act, Catholic Medical Centre,
3.75%, 7/1/40 $ 4,181,480
7,850,000(b) New Hampshire Health & Education Facilities
Authority Act, Wentworth Douglas Hospital, Series A,
6.5%, 1/1/41 8,437,730
--------------
Total New Hampshire $ 12,619,210
------------------------------------------------------------------------------------------------------------
New Jersey -- 1.1%
5,000,000 New Jersey Educational Facilities Authority,
Princeton University, Series B, 5.0%, 7/1/27 $ 6,204,450
3,000,000 New Jersey Educational Facilities Authority,
Princeton University, Series B, 5.0%, 7/1/39 3,203,130
2,000,000 New Jersey Transportation Trust Fund Authority,
Transportation System, Series A, 5.5%, 6/15/41 2,108,760
1,640,000(d) Township of Plainsboro, General Improvement,
2.0%, 8/1/24 1,687,101
--------------
Total New Jersey $ 13,203,441
------------------------------------------------------------------------------------------------------------
New York -- 3.9%
5,030,000 New York State Dormitory Authority, Columbia
University, 5.0%, 10/1/41 $ 5,335,170
10,000,000 New York State Dormitory Authority, Columbia
University, Series A-2, 5.0%, 10/1/46 14,512,100
5,515,000 New York State Dormitory Authority, Insured-FIT
Student Housing Corp., 5.25%, 7/1/24
(NATL Insured) 6,162,571
4,500,000 New York State Dormitory Authority, New York
University, Series A, 4.0%, 7/1/36 4,993,065
1,000,000 New York State Dormitory Authority, Series A,
4.0%, 7/1/35 1,130,080
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 25
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
New York -- (continued)
5,015,000 New York State Dormitory Authority, Series A,
5.0%, 3/15/31 $ 5,893,427
3,250,000 New York State Dormitory Authority, Trustees of
Columbia University, 5.0%, 10/1/45 4,697,940
1,500,000 Port Authority of New York & New Jersey, Consolidated
Ninety-Third Series, 6.125%, 6/1/94 1,802,895
2,925,000(d) White Plains City School District, 2.0%, 5/15/28
(ST AID WITHHLDG Insured) 2,947,757
--------------
Total New York $ 47,475,005
------------------------------------------------------------------------------------------------------------
North Carolina -- 3.0%
3,000,000 City of Charlotte, Storm Water Revenue,
4.0%, 12/1/43 $ 3,210,450
5,000,000 City of Fayetteville, Public Works Commission
Revenue, 4.0%, 3/1/44 5,390,700
10,000,000 North Carolina Turnpike Authority, Series A,
4.0%, 1/1/35 11,350,800
5,000,000(d) State of North Carolina, Series A, 5.0%, 6/1/28 6,135,200
9,615,000(d) State of North Carolina, St. Public Improvement
Connecourt, Series A, 3.0%, 6/1/35 9,992,966
--------------
Total North Carolina $ 36,080,116
------------------------------------------------------------------------------------------------------------
North Dakota -- 0.4%
5,000,000 County of McLean, Great River Energy, Series B,
5.15%, 7/1/40 $ 5,159,100
--------------
Total North Dakota $ 5,159,100
------------------------------------------------------------------------------------------------------------
Ohio -- 1.7%
50,000,000(c) Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, 2nd Subordinated, Series C, 6/1/52 $ 1,495,000
10,000,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 5.75%, 6/1/34 9,725,000
9,000,000 Buckeye Tobacco Settlement Financing Authority,
Asset-Backed, Series A-2, 6.5%, 6/1/47 9,045,000
800,000 County of Lake, Lake Hospital, Series S,
6.0%, 8/15/43 802,760
--------------
Total Ohio $ 21,067,760
------------------------------------------------------------------------------------------------------------
Oklahoma -- 0.2%
2,630,000 McGee Creek Authority, Oklahoma Water Revenue,
6.0%, 1/1/23 (NATLInsured) $ 2,840,216
--------------
Total Oklahoma $ 2,840,216
------------------------------------------------------------------------------------------------------------
Oregon -- 2.2%
1,800,000 City of Portland, Sewer System Revenue, First Lien,
Series A, 2.0%, 6/15/29 $ 1,786,302
5,000,000(d) Clackamas County School District No. 7J Lake
Oswego, School District, 4.0%, 6/1/43
(SCH-BD GTY Insured) 5,469,600
The accompanying notes are an integral part of these financial statements.
26 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Oregon -- (continued)
3,000,000(d) Deschutes & Jefferson Counties School District
No. 2J Redmond, 3.0%, 6/15/32
(SCH-BD GTY Insured) $ 3,050,100
2,000,000(c)(d) Multnomah County School District No. 40, Deferred
Interest, Series B, 6/15/30 (SCH-BD GTY Insured) 1,534,440
2,000,000(c)(d) Multnomah County School District No. 40, Deferred
Interest, Series B, 6/15/31 (SCH-BD GTY Insured) 1,472,700
1,715,000(c)(d) Multnomah County School District No. 40, Deferred
Interest, Series B, 6/15/32 1,210,618
2,000,000 Oregon Health & Science University, Series A,
5.0%, 7/1/42 2,352,940
1,500,000 Oregon Health & Science University, Series B,
5.0%, 7/1/28 1,812,390
7,030,000(d) State of Oregon, Series J, 5.0%, 8/1/42 8,348,125
--------------
Total Oregon $ 27,037,215
------------------------------------------------------------------------------------------------------------
Pennsylvania -- 4.6%
825,000 Chester County Industrial Development Authority,
Collegium Charter School, Series A,
5.125%, 10/15/37 $ 856,507
175,000 Chester County Industrial Development Authority,
Collegium Charter School, Series A,
5.25%, 10/15/47 179,818
4,095,000 Dauphin County General Authority, Pinnacle Health
System Project, 5.0%, 6/1/42 4,386,032
3,725,000 Delaware County Industrial Development Authority,
Chester Charter School Arts Project, Series A, 5.125%,
6/1/46 (144A) 3,870,163
1,000,000(b) Pennsylvania Higher Educational Facilities Authority,
Edinboro University Foundation, 6.0%, 7/1/43 1,045,390
4,750,000 Pennsylvania Higher Educational Facilities Authority,
Thomas Jefferson University, 5.0%, 9/1/39 5,388,922
1,000,000 Pennsylvania Higher Educational Facilities Authority,
University Properties, Inc., East Stroudsburg,
5.0%, 7/1/42 1,019,820
1,000,000 Pennsylvania Housing Finance Agency,
3.35%, 10/1/45 998,230
2,000,000 Pennsylvania Housing Finance Agency,
3.4%, 10/1/49 2,000,240
2,000,000 Pennsylvania Turnpike Commission, Series A-1,
5.0%, 12/1/42 2,353,160
5,000,000 Pennsylvania Turnpike Commission, Series A-1,
5.0%, 12/1/47 5,841,850
2,500,000 Philadelphia Authority for Industrial Development,
Childrens Hospital Philadelphia, 4.0%, 7/1/35 2,754,300
3,750,000 Philadelphia Authority for Industrial Development,
Childrens Hospital Philadelphia, 4.0%, 7/1/36 4,126,575
2,500,000 Philadelphia Authority for Industrial Development,
Childrens Hospital Philadelphia, 4.0%, 7/1/37 2,751,825
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 27
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Pennsylvania -- (continued)
2,500,000 Philadelphia Authority for Industrial Development,
Childrens Hospital Philadelphia, 5.0%, 7/1/42 $ 2,841,475
3,000,000 Philadelphia Authority for Industrial Development,
Thomas Jefferson University, Series A, 4.0%, 9/1/42 3,189,150
3,680,000 Swarthmore Borough Authority, Swarthmore College,
5.0%, 9/15/39 4,513,446
5,015,000 Swarthmore Borough Authority, Swarthmore College,
5.0%, 9/15/44 6,106,114
1,195,000 Swarthmore Borough Authority, Swarthmore College,
5.0%, 9/15/45 1,448,065
--------------
Total Pennsylvania $ 55,671,082
------------------------------------------------------------------------------------------------------------
Puerto Rico -- 0.3%
7,000,000(d)(f) Commonwealth of Puerto Rico, Series A,
8.0%, 7/1/35 $ 3,622,500
--------------
Total Puerto Rico $ 3,622,500
------------------------------------------------------------------------------------------------------------
Rhode Island -- 1.5%
5,140,000 Rhode Island Health & Educational Building Corp.,
Brown University, Series A, 4.0%, 9/1/37 $ 5,730,946
3,750,000(g) Tender Option Bond Trust Receipts/Certificates,
Series 2019-XM0721, 0.0%, 9/1/47 (144A) 5,124,900
41,290,000(c) Tobacco Settlement Financing Corp., Asset-Backed,
Series A, 6/1/52 4,542,313
20,000,000(c) Tobacco Settlement Financing Corp., Asset-Backed,
Series B, 6/1/52 2,184,600
--------------
Total Rhode Island $ 17,582,759
------------------------------------------------------------------------------------------------------------
South Carolina -- 0.6%
1,000,000 SCAGO Educational Facilities Corp. for Pickens
School District, 3.25%, 12/1/28 $ 1,053,430
5,675,000 South Carolina Transportation Infrastructure Bank,
Series A, 3.0%, 10/1/33 5,774,086
500,000(d) State of South Carolina, St. Economic Development,
Series A, 5.0%, 4/1/20 512,215
--------------
Total South Carolina $ 7,339,731
------------------------------------------------------------------------------------------------------------
Texas -- 9.0%
3,550,000(c) Central Texas Regional Mobility Authority, Capital
Appreciation, 1/1/26 $ 3,079,554
3,000,000(c) Central Texas Regional Mobility Authority, Capital
Appreciation, 1/1/27 2,527,320
7,100,000(c) Central Texas Regional Mobility Authority, Capital
Appreciation, Senior Lien, 1/1/25 6,347,613
2,500,000(b) Central Texas Regional Mobility Authority, Sub Lien,
6.75%, 1/1/41 2,699,900
5,080,000(d) Eagle Mountain & Saginaw Independent School
District, 3.0%, 8/15/29 (PSF-GTD Insured) 5,264,709
1,000,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Greater Houston Area, 5.0%, 6/1/28 1,064,130
The accompanying notes are an integral part of these financial statements.
28 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Texas -- (continued)
500,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Greater Houston Area, 5.0%, 6/1/33 $ 527,475
2,750,000(b) Houston Higher Education Finance Corp., Rice
University Project, Series A, 5.0%, 5/15/35 2,833,572
8,835,000(g) Lower Neches Valley Authority Industrial Development
Corp., Exxonmobil, 1.89%, 11/1/38 8,835,000
5,000,000(d) Lubbock-Cooper Independent School District,
4.0%, 2/15/49 (PSF-GTD Insured) 5,230,850
2,000,000 New Hope Cultural Education Facilities Finance
Corp., Cardinal Bay, Inc., Village On The Park,
4.75%, 7/1/51 2,170,760
2,000,000 North Texas Tollway Authority, First Tier, Series D,
5.0%, 1/1/38 2,126,220
4,000,000 North Texas Tollway Authority, Second Tier, Series A,
5.0%, 1/1/30 4,621,760
5,000,000 North Texas Tollway Authority, Second Tier, Series A,
5.0%, 1/1/35 5,710,850
7,525,000(d) State of Texas, Highway Improvement, 5.0%, 4/1/29 8,676,927
2,000,000 Texas Department of Housing & Community Affairs,
Series A, 3.5%, 7/1/34 (GNMA/FNMA Insured) 2,099,780
2,500,000 Texas Department of Housing & Community Affairs,
Series A, 3.8%, 7/1/39 (GNMA/FNMA Insured) 2,627,850
4,000,000 Texas Municipal Gas Acquisition & Supply Corp. III,
5.0%, 12/15/31 4,331,520
10,410,000 Texas Private Activity Bond Surface Transportation
Corp., Senior Lien-LBJ Infrastructure, 7.0%, 6/30/40 10,926,544
2,755,000(b) Texas State Public Finance Authority Charter School
Finance Corp., Education-Cosmos Foundation, Inc.,
Series A, 6.2%, 2/15/40 2,836,273
5,000,000 Texas Water Development Board, St. Water
Implementation Fund, Series A, 4.0%, 4/15/48 5,426,150
5,000,000 Texas Water Development Board, State Water
Implementation Fund, Series B, 5.0%, 4/15/49 6,025,400
5,000,000 University of Texas System, Financing System,
Series A, 5.0%, 8/15/24 5,898,100
5,000,000 University of Texas System, Financing System,
Series A, 5.0%, 8/5/49 7,225,500
--------------
Total Texas $ 109,113,757
------------------------------------------------------------------------------------------------------------
Utah -- 0.6%
1,000,000 Salt Lake City Corp. Airport Revenue, Series B,
5.0%, 7/1/34 $ 1,197,010
110,000 Utah Charter School Finance Authority, North Davis
Preparatory, 5.75%, 7/15/20 112,224
4,835,000 Utah Transit Authority, Series A, 5.0%, 6/15/31 5,708,250
--------------
Total Utah $ 7,017,484
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 29
Schedule of Investments | 6/30/19 (unaudited) (continued)
------------------------------------------------------------------------------------------------------------
Principal
Amount
USD ($) Value
------------------------------------------------------------------------------------------------------------
Virginia -- 7.4%
1,170,000(d) City of Manassas, 2.0%, 7/1/31 (ST AID WITHHLDG) $ 1,109,218
1,500,000(d) County of Arlington, 4.0%, 8/15/35 1,674,420
10,000,000(d) County of Fairfax, Series A, 4.0%, 10/1/33
(ST AID WITHHLDG Insured) 11,225,100
5,000,000 County of Henrico, Water & Sewer Revenue,
5.0%, 5/1/46 5,879,800
18,490,000 Tobacco Settlement Financing Corp., Senior,
Series B-1, 5.0%, 6/1/47 18,166,425
4,000,000 University of Virginia, Series A, 5.0%, 6/1/37 4,486,400
7,075,000 University of Virginia, Series A, 5.0%, 4/1/42 8,413,307
5,000,000 University of Virginia, Series A, 5.0%, 6/1/43 5,566,100
12,000,000 University of Virginia, Series A-1, 4.0%, 4/1/45 13,004,520
5,000,000 Upper Occoquan Sewage Authority, 4.0%, 7/1/41 5,361,950
14,105,000 Virginia Public Building Authority, Series A,
3.0%, 8/1/38 14,316,011
--------------
Total Virginia $ 89,203,251
------------------------------------------------------------------------------------------------------------
Washington -- 6.1%
11,000,000 Central Puget Sound Regional Transit Authority,
Series S-1, 5.0%, 11/1/46 $ 15,711,850
10,250,000 City of Seattle, Municipal Light & Power Revenue
Improvement, Series A, 4.0%, 1/1/48 11,059,238
10,000,000 King County Housing Authority, Birch Creek Apartments
Project, 5.5%, 5/1/38 (CNTY GTD Insured) 10,022,400
3,000,000(d) King County Issaquah School District No. 411,
4.5%, 12/1/30 (SCH-BD GTY Insured) 3,388,290
1,500,000 Public Utility District No. 1 of Franklin County, Series A,
5.0%, 9/1/38 1,650,300
10,390,000(d) State of Washington, Series 2015-D, 5.0%, 7/1/30 12,200,042
5,000,000(d) State of Washington, Series 2017-A, 5.0%, 8/1/30 6,029,600
5,000,000(d) State of Washington, Series A, 5.0%, 8/1/36 5,639,300
6,685,000 University of Washington, Series B, 5.0%, 6/1/28 7,962,570
--------------
Total Washington $ 73,663,590
------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $1,115,082,631) $1,186,713,975
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------
CLAIM -- 0.0%+ of Net Assets
200(h) CMS Liquidating Trust $ 580,000
------------------------------------------------------------------------------------------------------------
TOTAL CLAIM
(Cost $640,000) $ 580,000
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED
ISSUERS -- 98.3%
(Cost $1,115,722,631) $1,187,293,975
------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.7% $ 20,052,705
------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $1,207,346,680
============================================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally
to qualified institutional buyers in a transaction exempt from
registration. At June 30, 2019, the value of these securities
amounted to $11,077,163, or 0.9% of net assets.
AGC Assured Guarantee Municipal
AGM Assured Guarantee Corp.
AMBAC Ambac Assurance Corp.
CNTY GTD County Guaranteed
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
NATL National Public Finance Guarantee Corp.
PSF-GTD Permanent School Fund Guaranteed
SCH-BD GTY School Bord Guaranty
ST AID WITHHLDG State Aid Withholding
ST INTERCEPT State Aid Intercept
+ Amount rounds to less than 0.1%.
(a) Consists of Revenue Bonds unless otherwise indicated.
(b) Pre-refunded bonds have been collateralized by U.S. Treasury
or U.S. Government Agency securities, which are held in escrow
to pay interest and principal on the tax-exempt issue and to
retire the bonds in full at the earliest refunding date.
(c) Security issued with a zero coupon. Income is recognized
through accretion of discount.
(d) Represents a General Obligation Bond.
(e) Escrow to maturity.
(f) Security is in default.
(g) The interest rate is subject to change periodically. The
interest rate and/or reference index and spread is shown at
June 30, 2019.
(h) Non-income producing security.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended June 30, 2019 aggregated $125,400,594 and $39,457,978,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc. (the "Adviser") serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the six months ended June
30, 2019, the Fund did not engage in cross trade activity.
At June 30, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $1,115,668,724 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $77,482,580
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (5,857,329)
-----------
Net unrealized appreciation $71,625,251
===========
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 31
Schedule of Investments | 6/30/19 (unaudited) (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of June 30, 2019, in valuing
the Fund's investments:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Municipal Bonds $ -- $1,186,713,975 $ -- $1,186,713,975
Claim -- 580,000 -- 580,000
---------------------------------------------------------------------------------------
Total Investments
in Securities $ -- $1,187,293,975 $ -- $1,187,293,975
=======================================================================================
During the six month ended June 30, 2019, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
32 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Statement of Assets and Liabilities | 6/30/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $1,115,722,631) $1,187,293,975
Cash 13,954,719
Receivables --
Investment securities sold 6,622,900
Fund shares sold 3,026,589
Interest 13,580,598
Due from the Adviser 29,695
Other assets 42,339
-----------------------------------------------------------------------------------------------
Total assets $1,224,550,815
===============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 13,288,950
Fund shares repurchased 2,048,125
Distributions 1,474,735
Trustees' fees 1,577
Due to affiliates 101,139
Accrued expenses 289,609
-----------------------------------------------------------------------------------------------
Total liabilities $ 17,204,135
===============================================================================================
NET ASSETS:
Paid-in capital $1,134,053,100
Distributable earnings 73,293,580
-----------------------------------------------------------------------------------------------
Net assets $1,207,346,680
===============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $603,310,190/40,587,509 shares) $ 14.86
Class C (based on $31,390,985/2,129,949 shares) $ 14.74
Class Y (based on $572,645,505/38,624,476 shares) $ 14.83
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $14.86 net asset value per share/
100%-4.50% maximum sales charge) $ 15.56
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 33
Statement of Operations (unaudited)
For the Six Months Ended 6/30/19
INVESTMENT INCOME:
Interest from unaffiliated issuers $20,767,900
-------------------------------------------------------------------------------------------------------
Total investment income $20,767,900
=======================================================================================================
EXPENSES:
Management fees $ 2,532,140
Administrative expense 186,199
Transfer agent fees
Class A 123,186
Class C 8,069
Class Y 272,001
Distribution fees
Class A 739,381
Class C 158,009
Shareowner communications expense 41,034
Custodian fees 7,240
Registration fees 37,388
Professional fees 57,426
Printing expense 11,624
Pricing fees 36,512
Trustees' fees 27,493
Insurance expense 5,080
Miscellaneous 57,180
-------------------------------------------------------------------------------------------------------
Total expenses $ 4,299,962
Less fees waived and expenses reimbursed by the Adviser (196,274)
-------------------------------------------------------------------------------------------------------
Net expenses $ 4,103,688
-------------------------------------------------------------------------------------------------------
Net investment income $16,664,212
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 443,285
-------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $49,964,409
-------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $50,407,694
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $67,071,906
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------------
Six Months
Ended Year
6/30/19 Ended
(unaudited) 12/31/18
----------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 16,664,212 $ 34,616,395
Net realized gain (loss) on investments 443,285 939,313
Change in net unrealized appreciation (depreciation)
on investments 49,964,409 (36,185,345)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 67,071,906 $ (629,637)
----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.21 and $0.41 per share, respectively) $ (8,452,248) $ (17,760,328)
Class C ($0.15 and $0.30 per share, respectively) (331,507) (912,319)
Class Y ($0.22 and $0.45 per share, respectively) (8,094,498) (16,525,147)
----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (16,878,253) $ (35,197,794)
----------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 189,926,432 $ 286,624,878
Reinvestment of distributions 9,141,497 19,644,431
Cost of shares repurchased (115,717,520) (531,559,261)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ 83,350,409 $ (225,289,952)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 133,544,062 $ (261,117,383)
NET ASSETS:
Beginning of period $1,073,802,618 $1,334,920,001
----------------------------------------------------------------------------------------------------------
End of period $1,207,346,680 $1,073,802,618
==========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 35
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended Year Year
6/30/19 6/30/19 Ended Ended
Shares Amount 12/31/18 12/31/18
(unaudited) (unaudited) Shares Amount
---------------------------------------------------------------------------------------------------------------------
Class A
Shares sold 1,931,941 $ 27,928,216 2,580,767 $ 36,742,481
Reinvestment of distributions 462,760 6,756,395 1,012,132 14,405,517
Less shares repurchased (2,857,665) (41,524,751) (6,709,019) (95,520,365)
---------------------------------------------------------------------------------------------------------------------
Net decrease (462,964) $ (6,840,140) (3,116,120) $ (44,372,367)
=====================================================================================================================
Class C
Shares sold 130,014 $ 1,864,172 291,123 $ 4,119,681
Reinvestment of distributions 18,280 264,498 53,350 753,501
Less shares repurchased (331,731) (4,758,231) (1,579,787) (22,317,473)
---------------------------------------------------------------------------------------------------------------------
Net decrease (183,437) $ (2,629,561) (1,235,314) $ (17,444,291)
=====================================================================================================================
Class Y
Shares sold 11,093,000 $160,134,044 17,279,189 $ 245,762,716
Reinvestment of distributions 145,439 2,120,604 315,850 4,485,413
Less shares repurchased (4,814,893) (69,434,538) (29,019,039) (413,721,423)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 6,423,546 $ 92,820,110 (11,424,000) $(163,473,294)
=====================================================================================================================
The accompanying notes are an integral part of these financial statements.
36 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/19 Ended Ended Ended Ended Ended
(unaudited) 12/31/18 12/31/17 12/31/16* 12/31/15* 12/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.23 $ 14.64 $ 14.12 $ 14.60 $ 14.49 $ 13.25
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20(a) $ 0.41(a) $ 0.41(a) $ 0.40(a) $ 0.44(a) $ 0.49
Net realized and unrealized gain (loss) on investments 0.64 (0.41) 0.51 (0.46) 0.20 1.29
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.84 $ -- $ 0.92 $ (0.06) $ 0.64 $ 1.78
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.40) $ (0.40) $ (0.42) $ (0.53) $ (0.54)
Net realized gain -- (0.01) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.41) $ (0.40) $ (0.42) $ (0.53) $ (0.54)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.63 $ (0.41) $ 0.52 $ (0.48) $ 0.11 $ 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.86 $ 14.23 $ 14.64 $ 14.12 $ 14.60 $ 14.49
====================================================================================================================================
Total return (b) 5.90%(c) 0.10% 6.56% (0.50)% 4.51% 13.61%(d)
Ratio of net expenses to average net assets (e) 0.82%(f) 0.81% 0.80% 0.81% 0.82% 0.83%
Ratio of net investment income (loss) to average net
assets 2.82%(f) 2.88% 2.80% 2.73% 3.08% 3.46%
Portfolio turnover rate 3%(c) 16% 20% 18% 21% 29%
Net assets, end of period (in thousands) $603,310 $584,127 $646,525 $690,991 $709,616 $699,229
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid
indirectly:
Total expenses to average net assets 0.82%(f) 0.81% 0.80% 0.81% 0.83% 0.85%
Net investment income (loss) to average net assets 2.82%(f) 2.88% 2.80% 2.73% 3.07% 3.44%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 13.53%.
(e) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 37
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/19 Ended Ended Ended Ended Ended
(unaudited) 12/31/18 12/31/17 12/31/16* 12/31/15* 12/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 14.11 $ 14.51 $ 14.00 $ 14.48 $ 14.37 $ 13.14
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.30(a) $ 0.29(a) $ 0.29(a) $ 0.33(a) $ 0.36
Net realized and unrealized gain (loss) on investments 0.63 (0.40) 0.51 (0.46) 0.20 1.30
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.78 $ (0.10) $ 0.80 $ (0.17) $ 0.53 $ 1.66
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.15) $ (0.29) $ (0.29) $ (0.31) $ (0.42) $ (0.43)
Net realized gain -- (0.01) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.15) $ (0.30) $ (0.29) $ (0.31) $ (0.42) $ (0.43)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.63 $ (0.40) $ 0.51 $ (0.48) $ 0.11 $ 1.23
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.74 $ 14.11 $ 14.51 $ 14.00 $ 14.48 $ 14.37
====================================================================================================================================
Total return (b) 5.54%(c) (0.60)% 5.72% (1.27)% 3.74% 12.75%(d)
Ratio of net expenses to average net assets (e) 1.57%(f) 1.57% 1.55% 1.56% 1.56% 1.60%
Ratio of net investment income (loss) to average net assets 2.06%(f) 2.13% 2.05% 1.98% 2.33% 2.69%
Portfolio turnover rate 3%(c) 16% 20% 18% 21% 29%
Net assets, end of period (in thousands) $31,391 $32,636 $51,506 $61,832 $54,752 $47,734
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 12.67%.
(e) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
38 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/19 Ended Ended Ended Ended Ended
(unaudited) 12/31/18 12/31/17 12/31/16* 12/31/15* 12/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.19 $ 14.60 $ 14.08 $ 14.56 $ 14.44 $ 13.21
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(a) $ 0.45(a) $ 0.44(a) $ 0.44(a) $ 0.48(a) $ 0.46
Net realized and unrealized gain (loss) on investments 0.64 (0.41) 0.51 (0.46) 0.21 1.35
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.86 $ 0.04 $ 0.95 $ (0.02) $ 0.69 $ 1.81
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.44) $ (0.43) $ (0.46) $ (0.57) $ (0.58)
Net realized gain -- (0.01) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.22) $ (0.45) $ (0.43) $ (0.46) $ (0.57) $ (0.58)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.64 $ (0.41) $ 0.52 $ (0.48) $ 0.12 $ 1.23
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.83 $ 14.19 $ 14.60 $ 14.08 $ 14.56 $ 14.44
====================================================================================================================================
Total return (b) 6.12%(c) 0.35% 6.84% (0.25)% 4.86% 13.86%(d)
Ratio of net expenses to average net assets (e) 0.55%(f) 0.55% 0.55% 0.55% 0.55% 0.56%
Ratio of net investment income (loss) to average net assets 3.08%(f) 3.13% 3.04% 2.98% 3.34% 3.70%
Portfolio turnover rate 3%(c) 16% 20% 18% 21% 29%
Net assets, end of period (in thousands) $572,646 $457,039 $636,889 $374,674 $276,778 $97,387
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 0.63%(f) 0.65% 0.63% 0.64% 0.64% 0.65%
Net investment income (loss) to average net assets 3.00%(f) 3.03% 2.96% 2.89% 3.25% 3.61%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) If the Fund had not recognized gains in the settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 13.78%.
(e) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(f) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 39
Notes to Financial Statements | 6/30/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer AMT-Free Municipal Fund (the "Fund") is one of two series comprising
Pioneer Series Trust II (the "Trust"), a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to 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 K shares had not commenced operations as of June 30, 2019. 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 of Trustees the flexibility to specify
either per-share voting or dollar-weighted voting when submitting matters for
shareowner approval. Under per-share voting, each share of a class of the Fund
is entitled to one vote. Under dollar-weighted voting, a shareowner's voting
power is determined not by the number of shares owned, but by the dollar value
of the shares on the record date. Each share class has exclusive voting rights
with respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the
40 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to
supply prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 41
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, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of December 31, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
42 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
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, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 1,319,418
Tax-exempt income 32,702,074
Long-term capital gain 1,176,302
--------------------------------------------------------------------------
Total $35,197,794
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at December 31, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed tax exempt income $ 3,709,026
Current year late year loss (2,269,941)
Net unrealized appreciation 21,660,842
--------------------------------------------------------------------------
Total $23,099,927
==========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, tax treatment of
premium and amortization, and tax adjustments on defaulted bonds.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $9,620 in underwriting commissions on the sale of Class
A shares during the six months ended June 30, 2019.
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 Fund's transfer agent for its services are allocated
among the classes of shares based on the number of accounts in each class
and the ratable allocation of related out-of-pocket expenses (see Note 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
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 43
the Fund with respect to each class of shares are calculated in the same
manner and at the same time, except that net investment income dividends
to Class A, Class C and Class Y shares can reflect different transfer
agent and distribution expense rates.
F. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread. A general rise in
interest rates could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions
from the Fund.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions.
The municipal bond market can be susceptible to unusual volatility,
particularly for lower-rated and unrated securities. Liquidity can be
reduced unpredictably in response to overall economic conditions or credit
tightening. Municipal issuers may be adversely affected by rising health
care costs, increasing unfunded pension liabilities, and by the phasing
out of federal programs providing financial support. Unfavorable
conditions and developments relating to projects financed with municipal
securities can result in lower revenues to issuers of municipal
securities, potentially resulting in defaults. Issuers often depend on
revenues from these projects to make principal and interest payments. The
value of municipal securities can also be adversely affected by changes in
the financial condition of one or more individual municipal issuers or
insurers of municipal issuers, regulatory and political developments, tax
law changes or other legislative actions, and by uncertainties and public
perceptions concerning these and other factors. Municipal securities may
be more susceptible to downgrades or defaults during recessions or similar
periods of economic stress. In recent periods, an increasing number of
municipal issuers in the United States have defaulted on obligations and
commenced insolvency proceedings. Financial difficulties
44 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
of municipal issuers may continue or get worse. To the extent the Fund
invests significantly in a single state, including California, Florida,
Massachusetts, Texas, Virginia and Washington, or in securities the
payments on which are dependent upon a single project or source of
revenues, or that relate to a sector or industry, including health care
facilities, education, transportation, special revenues and pollution
control, the Fund will be more susceptible to associated risks and
developments.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 45
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, 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 of the
Fund's average daily net assets, 0.40% of the next $1.25 billion of the Fund's
average daily net assets, and 0.35% of the Fund's average daily net assets over
$2 billion. Prior to October 1, 2018, management fees were 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 of the Fund's average daily net assets,
and 0.40% of the Fund's average daily net assets over $750 million. For the six
months ended June 30, 2019, the effective management fee (excluding waivers
and/or assumptions of expenses) was equivalent to 0.44% (annualized) of the
Fund's average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce Fund expenses to
0.55% of the average daily net assets attributable to Class Y shares. This
expense limitation is in effect through May 1, 2020. Prior to May 1, 2019, the
Adviser contractually agreed to limit ordinary opening expenses to the extent
required to reduce Fund expenses to 0.82% of the average daily net assets
attributable to Class A shares. Fees waived and expenses reimbursed during the
six months ended June 30, 2019, are reflected on the Statement of Operations.
There can be no assurance that the Adviser will extend the expense limitation
agreement for a class of shares beyond the date referred to above.
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
$76,152 in management fees, administrative costs and certain other
reimbursements payable to the Adviser at June 30, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
46 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended June 30, 2019, such out-of-pocket expenses by class of shares were
as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $31,170
Class C 831
Class Y 9,033
--------------------------------------------------------------------------------
Total $41,034
================================================================================
4. Distribution Plan and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor 1.00% of the average daily net assets attributable to Class C
shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class C shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $24,987 in distribution fees payable to the Distributor, at June
30, 2019.
In addition, redemptions of Class A and Class C shares may be subject to a
contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within
12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the
Distributor. For the six months ended June 30, 2019, CDSCs in the amount of $6
were paid to the Distributor.
5. 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
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 47
the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Effective August 1, 2018, the Fund participates in a credit facility that is in
the amount of $250 million. Under such credit facility, depending on the type
of loan, interest on borrowings is payable at the London Interbank Offered Rate
("LIBOR") plus 0.90% 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, or (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, 2019, the Fund had no borrowings under the credit facility.
48 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Diane Durnin Mark E. Bradley, Treasurer and
Benjamin M. Friedman Chief Financial and
Margaret B.W. Graham Accounting Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 49
This page is for your notes.
50 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
This page is for your notes.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19 51
This page is for your notes.
52 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/19
How to Contact Amundi 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
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19451-13-0819
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. David R. Bock, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE 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.
Non-Audit Services
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust II
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date August 29, 2019
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 29, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 29, 2019
* Print the name and title of each signing officer under his or her signature.