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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21460
Pioneer Series Trust II
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: December 31
Date of reporting period: January 1, 2016 through June 30, 2016
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, 2016
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Ticker Symbols:
Class A PBMFX
Class C MNBCX
Class Y PBYMX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 30
Notes to Financial Statements 37
Trustees, Officers and Service Providers 44
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 1
President's Letter
Dear Shareowner,
The first half of 2016 has featured some remarkable twists and turns in the
global economy. The year began on shaky footing as surging market volatility
brought about by fears of weaker global economic growth as well as falling oil
prices depressed returns for investors. In the US, both equity and fixed-income
markets declined significantly through the first six weeks of the year, only to
recover the losses by the end of the first quarter when market sentiment
shifted, due in part to accommodative monetary policies from the world's central
banks.
Midway through the first quarter, for example, the US Federal Reserve System
(the Fed) backed off plans to raise interest rates four times in 2016, and the
European Central Bank announced a more comprehensive asset-purchasing program in
the hopes of encouraging lending, and boosting both inflation and economic
growth. The markets responded with a solid rally. By the end of May, in fact, US
equities, as measured by the Standard & Poor's 500 Index, had generated a solid
year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the
Barclays Aggregate Bond Index, a common measure of the US fixed-income market,
was 3.45%.
As markets began to settle down, the Brexit vote - the vote confirming that the
United Kingdom (UK) would exit the European Union (EU) - surprised many, and the
rollercoaster ride began once again. The market sold off sharply in the first
few days after the vote, then rallied as investors sought bargains created by
the initial post-Brexit sell-off, and as more, less ominous information about
the implications of the Brexit results came to light.
From a macroeconomic perspective, Pioneer believes the negative economic impact
of Brexit on the US should be more limited compared with its effects on the UK
and Europe. However, we expect reduced global demand due to a higher level of
uncertainty and risk aversion among investors. While the spillover effects on
the US economy are unclear, we think it possible that, in the event of a
significant negative economic impact, the Fed might consider other monetary
policy options. Globally, we believe that central banks are ready to act and
that their initial focus will be to stabilize the markets and provide liquidity,
if needed.
While the Brexit vote is now official, the expectation is that the actual
process of separating the UK from the EU could take at least two years. Only in
the next several months may we begin to see signs of what path Europe will
follow as it adapts to the reality of an EU without one of its most prominent
members. Over the medium-term, however, we believe uncertainties over the future
of Europe and central banks' reactions will likely dominate financial markets,
and we believe the news flow surrounding Brexit will continue to weigh on
riskier assets. Competing for headlines, too, is the current financial condition
of many European banks. Ultimately, we think that the political and monetary
policy responses will be the major variables when it comes to managing an
orderly
2 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Brexit. In addition, as the second half of 2016 gets underway, we continue to
see central bank policies as generally supportive of the US economy -- for which
we maintain an expectation of modest growth this year.
Aside from the Brexit-caused uncertainties, economies around the world in both
developed and emerging markets are experiencing deep structural changes. Current
challenges include incomplete debt deleveraging in both emerging and developed
markets, where debt levels continue to grow, the transition of many emerging
markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
As always, and particularly during times of market uncertainty, 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.
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
President and CEO
Pioneer Investment Management USA Inc.
June 30, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 3
Portfolio Management Discussion | 6/30/16
In the following interview, David Eurkus, lead portfolio manager of Pioneer
AMT-Free Municipal Fund, discusses the investment environment for municipal
bonds during the six-month period ended June 30, 2016, the Fund's investment
strategies, its performance during the period, and his outlook for the municipal
bond market. Mr. Eurkus, Director of Municipals, a senior vice president and a
portfolio manager at Pioneer, manages the Fund along with Jonathan Chirunga, a
vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended June 30, 2016?
A Pioneer AMT-Free Municipal Fund's Class A shares returned 5.42% at net
asset value during the six-month period ended June 30, 2016, while the
Fund's benchmark, the Barclays Municipal Bond Index (the Barclays Index),
returned 4.33%. During the same period, the average return of the 275
mutual funds in Lipper's General & Insured Municipal Debt Funds Category
was 4.33%, and the average return of the 207 mutual funds in Morningstar's
Municipal National Long Funds Category was 4.53%.
Q How would you describe the investment environment for tax-exempt bonds
during the six-month period ended June 30, 2016?
A Following the Federal Reserve's (the Fed's) initial move to normalize
short-term interest rates at the end of 2015, the 2016 calendar year
began with both geopolitical and market turmoil, highlighted by news of
additional weakness in the Chinese economy and continued declines in
commodity prices. Markets then recovered in mid-February and continued to
rally through the end of March, closing the first calendar quarter of the
year relatively unchanged. At the end of March, Fed Chair Janet Yellen
indicated that the Fed would be cautious regarding future rate increases;
however, US gross domestic product (GDP) growth for the first quarter was
weak, and though GDP improved in the second quarter, overall domestic
economic activity for the six-month period was tepid. Following the
late-June referendum in the United Kingdom (UK) that resulted in a vote in
favor of the UK's leaving the European Union ("Brexit"), global equity
markets sold off sharply and there was a massive flight to quality by
investors into US Treasuries and other fixed-income issues. The sell-off
proved temporary, however, and markets regained just about all of their
post-Brexit losses by the end of the period.
4 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Over the full six-month period, medium- and longer-term rates declined
significantly, and municipal bond prices staged a strong rally. Demand for
tax-exempt bonds from traditional buyers, banks, property/casualty
companies, taxable bond funds, and even international investors was
sustained and strong throughout the period, as has generally been the case
since September 2015. Municipals continued to provide attractive tax-
equivalent yields, and outperformed Treasuries during the period. In
addition, tax-exempt bonds benefited from a supply/demand imbalance, as
bond issuance was moderate during a time featuring significant demand from
investors.
Q How did you manage the Fund's portfolio in that environment during the
six-month period ended June 30, 2016?
A During the period, we did not deviate from our principal investment
strategy for the Fund, which is to purchase and hold discounted longer-
term municipal bonds. We believe those investments offer the highest
yields in the tax-exempt marketplace. We also believe that over the long
term, our broadly diversified* investment approach across a wide range of
municipal bond sectors will enable the Fund to outperform its benchmark,
the Barclays Index, and its municipal bond fund peers. We continued to
invest with a strong portfolio focus on sectors that are vital to the
regional and national economies, sectors that include health
care/hospitals, transportation, public and private education, and
power/energy.
During the six-month period, we maintained our emphasis on overall
portfolio quality. As of June 30, 2016, nearly 28% of the bonds in the
Fund's portfolio were rated "AAA" or the equivalent, while better than 70%
were rated "A" or higher.
Q What were the most significant contributors to and detractors from the
Fund's performance relative to the Barclays Index during the six-month
period ended June 30, 2016?
A During the six-month period, the Fund's investments in Massachusetts
education bonds, health care bonds issued in California, and Virginia
tobacco settlement bonds were among the holdings that contributed the most
to benchmark-relative performance.
Detractors from the Fund's benchmark-relative results, to a small degree,
included high-yield general obligation bonds from the Commonwealth of
Puerto Rico that we had purchased at a discount during the period.
* Diversification does not assure a profit nor protect against loss.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 5
Q The Fund's distributions to shareholders gradually declined over the
six-month period ended June 30, 2016. What factors accounted for the
decline?
A The period featured strong demand for municipal investments, and so the
Fund continued to receive a significant amount of new cash on a weekly
basis - at a time of very low short-term rates. For safety reasons, we
elected to invest some of the new money in a combination of short-term
investments until the municipal new-issue calendar provided us with
opportunities to invest the cash longer term. That action caused a slight
decline in monthly distributions to shareholders during the six-month
period, but we believe that our cautious approach to investing is a solid
approach over the longer term.
Q What is your outlook?
A We believe that with the global economic environment still uncertain in
light of Brexit, stresses within the Italian banking system, political
unrest in Middle Eastern countries such as Turkey, and reduced economic
growth in Asia, longer-term interest rates should remain fairly stable. In
light of the fact that shorter-term bond yields in several countries are
currently negative, we could see additional decreases in US medium- and
longer-term rates as investors search for yield. In addition, despite the
fact that the US labor market is nearing full employment, international
pressures should prevent inflation from becoming a concern in the
intermediate term. We also do not anticipate short-term rate increases
from the Fed any time soon.
We continue to be encouraged by the recent reductions in supply and
increases in demand within the municipal bond market, as well as by recent
yield declines. We look forward to a relatively stable and positive
environment for tax-exempt securities. Municipal bonds continue to look
attractive on a tax-adjusted basis versus their taxable counterparts, with
more and more investors choosing tax-exempt municipals.
As of June 30, 2016, the Fund's portfolio is heavily concentrated in
states with impressive growth and diverse economic bases, such as
California, Washington State, and Massachusetts. Conversely, we continue
to have concerns about the effects of unfunded pension liabilities on
certain tax-exempt issuers such as the state of Illinois, the city of
Chicago, and the city of Detroit. (The Fund has no holdings in bonds
issued by those entities.)
We are currently maintaining the Fund's duration stance at approximately
one year longer than that of the benchmark Barclays Index. (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 plan to continue to hold select, longer-term
tax-exempt
6 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
bonds in the portfolio that we believe have the strongest opportunity to
perform well over time. We will also continue to monitor the Fund's
investments to ensure their integrity and quality, and the timely payment
of principal and interest. As noted earlier, the portfolio remains broadly
diversified, with the vast majority of holdings allocated to bonds with
dedicated revenue streams (which we also continue to monitor).
We believe that Pioneer AMT-Free Municipal Fund continues to be a suitable
vehicle for appropriate, long-term investors seeking high income that is
free from Federal taxes.
Please refer to the Schedule of Investments on pages 15-29 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, 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
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
A portion of income may be subject to local, state, federal and/or alternative
minimum tax. Capital gains, if any, are subject to capital gains tax.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 7
Portfolio Summary | 6/30/16
Sector Distribution
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
General Obligation 20.7%
Education 18.2%
Health 12.9%
Special Revenues 11.0%
Insured 9.0%
Transportation 6.4%
Various Revenues 6.2%
Pollution Control Revenue 4.0%
Power 3.9%
Water & Sewer 3.8%
Escrowed 3.0%
Housing 0.9%
10 Largest Holdings*
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
1. Massachusetts Health & Educational Facilities Authority, Massachusetts
Institute of Technology -Series K, 5.5%, 7/1/32 2.02%
--------------------------------------------------------------------------------------
2. Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47 1.32
--------------------------------------------------------------------------------------
3. Golden State Tobacco Securitization Corp., 5.125%, 6/1/47 1.20
--------------------------------------------------------------------------------------
4. Dallas Area Rapid Transit, 5.0%, 12/1/33 1.19
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5. University of Virginia, 4.0%, 4/1/45 1.10
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6. State of Washington, 5.0%, 7/1/30 1.04
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7. Texas Private Activity Bond Surface Transportation Corp., Sr Lien-LBJ
Infrastructure, 7.0%, 6/30/40 1.00
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8. District of Columbia Tobacco Settlement Financing Corp., 6/15/46 1.00
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9. Forsyth County Water & Sewerage Authority, 5.0%, 4/1/41 0.99
--------------------------------------------------------------------------------------
10. Massachusetts Development Finance Agency, Partners Healthcare Systems,
5.0%, 7/1/31 0.99
--------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
8 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Prices and Distributions | 6/30/16
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 6/30/16 12/31/15
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A $15.16 $14.60
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C $15.04 $14.48
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Y $15.12 $14.56
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Distributions per Share: 1/1/16 - 6/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2250 $ -- $ --
--------------------------------------------------------------------------------
C $0.1683 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2427 $ -- $ --
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Index Definition
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The Barclays Municipal Bond Index is an unmanaged, broad measure of the
municipal bond market. Index returns are calculated monthly, assume reinvestment
of dividends and, unlike Fund returns, do not reflect any fees, expenses or
sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts shown on pages 10-12.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 9
Performance Update | 6/30/16 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer AMT-Free Municipal Fund at public
offering price during the periods shown, compared to that of the Barclays
Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2016)
--------------------------------------------------------------------------------
Net Public
Asset Offering Barclays
Value Price Municipal
Period (NAV) (POP) Bond Index
--------------------------------------------------------------------------------
10 years 5.55% 5.07% 5.13%
5 years 7.32 6.33 5.33
1 year 10.23 5.27 7.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.83% 0.82%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer AMT-Free Municipal Fund Barclays Municipal Bond Index
6/06 $ 9,550 $10,000
6/07 $ 9,992 $10,469
6/08 $10,089 $10,808
6/09 $ 9,796 $11,216
6/10 $11,196 $12,294
6/11 $11,517 $12,721
6/12 $13,117 $13,981
6/13 $13,259 $14,014
6/14 $14,307 $14,875
6/15 $14,871 $15,321
6/16 $16,392 $16,493
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2017, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Performance Update | 6/30/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer AMT-Free Municipal Fund during the
periods shown, compared to that of the Barclays Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2016)
--------------------------------------------------------------------------------
Barclays
If If Municipal
Period Held Redeemed Bond Index
--------------------------------------------------------------------------------
10 Years 4.73% 4.73% 5.13%
5 Years 6.51 6.51 5.33
1 Year 9.47 9.47 7.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.56%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer AMT-Free Municipal Fund Barclays Municipal Bond Index
6/06 $10,000 $10,000
6/07 $10,384 $10,469
6/08 $10,404 $10,808
6/09 $10,014 $11,216
6/10 $11,351 $12,294
6/11 $11,585 $12,721
6/12 $13,094 $13,981
6/13 $13,134 $14,014
6/14 $14,068 $14,875
6/15 $14,504 $15,321
6/16 $15,878 $16,493
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would
be lower than those shown above. "If Held" results represent the percent change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 11
Performance Update | 6/30/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer AMT-Free Municipal Fund during the
periods shown, compared to that of the Barclays Municipal Bond Index.
Average Annual Total Returns
(As of June 30, 2016)
--------------------------------------------------------------------------------
Net
Asset Barclays
Value Municipal
Period (NAV) Bond Index
--------------------------------------------------------------------------------
10 Years 5.81% 5.13%
5 Years 7.58 5.33
1 Year 10.54 7.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.64% 0.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer AMT-Free Municipal Fund Barclays Municipal Bond Index
6/06 $5,000,000 $5,000,000
6/07 $5,239,381 $5,234,745
6/08 $5,305,039 $5,404,006
6/09 $5,163,401 $5,607,976
6/10 $5,911,845 $6,147,030
6/11 $6,102,157 $6,360,662
6/12 $6,964,807 $6,990,396
6/13 $7,053,620 $7,006,857
6/14 $7,626,664 $7,437,342
6/15 $7,954,430 $7,660,422
6/16 $8,792,647 $8,246,640
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Y shares on
November 10, 2006, reflects the NAV performance of Pioneer AMT-Free Municipal
Fund's Class A shares. The performance does not reflect differences in expenses,
including the Rule 12b-1 fees applicable to Class A shares. Since fees for Class
A shares are generally higher than those of Class Y shares, the performance of
Class Y shares for periods prior to the inception of Class Y shares on November
10, 2006, would have been higher than that shown. Class Y shares are not subject
to sales charges and are available for limited groups of eligible investors,
including institutional investors. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2017, for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
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, 2016 through June 30, 2016.
---------------------------------------------------------------------------------
Share Class A C Y
---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/16
---------------------------------------------------------------------------------
Ending Account $1,054.20 $1,050.60 $1,055.60
Value on 6/30/16
---------------------------------------------------------------------------------
Expenses Paid $ 4.14 $ 7.95 $ 2.81
During Period*
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.81%,
1.56% and 0.55% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 (to reflect the one-half year period).
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 13
Comparing Ongoing Fund Expenses (continued)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer AMT-Free Municipal Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 1, 2016 through June 30, 2016.
---------------------------------------------------------------------------------
Share Class A C Y
---------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/1/16
---------------------------------------------------------------------------------
Ending Account $1,020.84 $1,017.11 $1,022.13
Value on 6/30/16
---------------------------------------------------------------------------------
Expenses Paid $ 4.07 $ 7.82 $ 2.77
During Period*
---------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.81%,
1.56% and 0.55% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 (to reflect the one-half year period).
14 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Schedule of Investments | 6/30/16 (unaudited)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 0.3%
DIVERSIFIED FINANCIALS -- 0.3%
Other Diversified Financial Services -- 0.3%
3,140,000 U.S. Treasury Bills, 7/14/16 (c) $ 3,139,859
-----------------
Total Diversified Financials $ 3,139,859
----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $3,139,750) $ 3,139,859
----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.0% (e)
Arizona -- 1.9%
5,145,000 Arizona Health Facilities Authority, Banner Health-
Series D, 5.5%, 1/1/38 $ 5,505,510
10,000,000 City of Mesa Arizona Utility System Revenue,
3.25%, 7/1/29 10,766,700
5,000,000 City of Phoenix Arizona, 4.0%, 7/1/21 (f) 5,724,900
1,000,000 Maricopa County Pollution Control Corp., Southern
California Ed Co-A, 5.0%, 6/1/35 1,132,560
19,000 The Industrial Development Authority of the County
of Pima, Ariz Charter Schools Project-Series C,
6.75%, 7/1/31 19,172
500,000 The Industrial Development Authority of the County
of Pima, Paradise Ed Center Project, 6.1%, 6/1/45 525,685
-----------------
$ 23,674,527
----------------------------------------------------------------------------------------------------------
California -- 8.8%
10,000,000 Alameda Corridor Transportation Authority,
10/1/31 (NATL Insured) (c) $ 6,397,500
2,260,000 Anaheim Public Financing Authority, 9/1/22
(AGM Insured) (c) 2,009,908
12,595,000 Anaheim Public Financing Authority, 9/1/36
(AGM Insured) (c) 6,534,538
20,000,000 California County Tobacco Securitization Agency,
Cap Apprec., Stanislaus-Sub A, 6/1/46 (c) 2,820,800
3,115,000 California County Tobacco Securitization Agency,
Cap Apprec-Asset-Backed-Gold Country, 6/1/33 (c) 1,180,523
6,400,000 California Educational Facilities Authority, Stanford
University, Series U6, 5.0%, 5/1/45 9,830,720
2,345,000 California Municipal Finance Authority,
5.25%, 2/1/37 2,393,166
1,655,000 California Municipal Finance Authority, 5.25%,
2/1/37 (Pre-Refunded) 1,699,337
3,575,000 California Statewide Communities Development
Authority, 6.0%, 8/15/42 4,345,663
4,000,000 California Statewide Communities Development
Authority, Insured-Enloe Medical Center, 5.75%,
8/15/38 (CAMTG INS Insured) 4,433,640
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 15
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
California -- (continued)
10,000,000 California Statewide Communities Development
Authority, Insured-St Joseph-B, 5.75%, 7/1/47
(FGIC Insured) $ 10,974,200
5,000,000 City of San Francisco California Public Utilities
Commission Water Revenue, 4.0%, 11/1/33 5,701,800
7,000,000 City of San Francisco California Public Utilities
Commission Water Revenue, 4.0%, 11/1/34 7,946,470
270,000 Franklin-Mckinley School District, 6.0%, 7/1/16
(AGM Insured) (f) 270,040
2,100,000 Fresno Joint Powers Financing Authority, Exhibit
Hall Expansion Project, 4.75%, 9/1/28
(AMBAC Insured) 2,101,050
15,000,000 Golden State Tobacco Securitization Corp.,
5.125%, 6/1/47 15,009,000
3,000,000 Long Beach Bond Finance Authority, 5.5%, 11/15/37 4,142,130
2,180,000 Pomona Unified School District, 6.55%, 8/1/29
(NATL Insured) (f) 3,005,762
3,000,000 Rialto Redevelopment Agency, 6.25%, 9/1/37 3,347,220
1,500,000 San Jose Evergreen Community College District,
5.0%, 8/1/41 (f) 1,800,720
1,500,000 Santa Cruz County Redevelopment Agency, 6.625%,
9/1/29 (Pre-Refunded) 1,776,855
1,405,000 Santa Maria Joint Union High School District,
Cap-Aprec. Election 2004, 8/1/27 (NATL
Insured) (c) (f) 1,056,377
3,750,000 Tobacco Securitization Authority of Southern
California, 5.0%, 6/1/37 3,750,188
1,125,000 Tobacco Securitization Authority of Southern
California, 5.125%, 6/1/46 1,125,045
6,895,000 Yuba Community College District, 3.0%, 8/1/32 (f) 7,125,845
-----------------
$ 110,778,497
----------------------------------------------------------------------------------------------------------
Colorado -- 0.8%
2,750,000 5.25 Colorado Health Facilities Authority, Adventist
Health/Sunbelt-D, Floating Rate Note, 11/15/35 $ 2,796,860
2,500,000 Regional Transportation District, Denver Trans.
Partners, 6.0%, 1/15/26 2,919,225
1,250,000 Regional Transportation District, Denver Trans.
Partners, 6.0%, 1/15/34 1,456,412
1,000,000 Regional Transportation District, Denver Trans.
Partners, 6.0%, 1/15/41 1,163,010
2,000,000 Regional Transportation District, Denver Trans.
Partners, 6.5%, 1/15/30 2,374,280
-----------------
$ 10,709,787
----------------------------------------------------------------------------------------------------------
Connecticut -- 0.3%
3,000,000 The Metropolitan District, 3.0%, 3/1/29 (f) $ 3,233,700
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Delaware -- 0.4%
5,000,000 Delaware State Economic Development
Authority, Exempt Facility-Indian River Power,
5.375%, 10/1/45 $ 5,497,850
----------------------------------------------------------------------------------------------------------
District of Columbia -- 2.4%
95,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6/15/46 (c) $ 12,412,700
10,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.75%, 5/15/40 10,052,800
7,950,000 District of Columbia, Deed Tax-Housing
Production Tr Fd-Series A, 4.25%, 6/1/37
(NATL Insured) 8,058,836
-----------------
$ 30,524,336
----------------------------------------------------------------------------------------------------------
Florida -- 4.4%
445,000 County of Madison Florida, First Mortgage-Twin
Oaks Project-Series A, 6.0%, 7/1/25 $ 266,875
5,000,000 County of Miami-Dade Florida Aviation Revenue,
5.5%, 10/1/41 5,634,600
3,500,000 County of Orange Florida Water Utility System
Revenue, 3.0%, 10/1/32 3,621,765
5,645,000 County of Orange Florida Water Utility System
Revenue, 3.0%, 10/1/34 5,765,182
3,000,000 Escambia County Health Facilities Authority,
Baptist hospital Inc Project-A, 6.0%, 8/15/36 3,465,060
1,390,000 Florida Development Finance Corp., Renaissance
Charter school-A, 6.0%, 9/15/30 1,478,877
5,000,000 Florida's Turnpike Enterprise, Dept
Transportation-Series A, 4.0%, 7/1/30 5,692,500
3,400,000 St. Johns County Industrial Development
Authority, Presbyterian Retirement-Series A,
6.0%, 8/1/45 3,939,682
10,000,000 State of Florida, 3.0%, 6/1/29 (f) 10,639,600
8,000,000 State of Florida, 3.0%, 6/1/30 (f) 8,426,960
5,430,000 State of Florida, 5.0%, 6/1/27 (f) 7,113,246
-----------------
$ 56,044,347
----------------------------------------------------------------------------------------------------------
Georgia -- 3.3%
5,000,000 0.39 Athens-Clarke County Unified Government
Development Authority, Floating Rate Note, 8/1/33 $ 5,000,000
5,750,000 Burke County Development Authority, Oglethorpe
Power Corp Vogtle-E, 7.0%, 1/1/23 6,246,110
10,000,000 Forsyth County Water & Sewerage Authority,
5.0%, 4/1/41 12,388,500
2,000,000 2.00 Monroe County Development Authority, GA Power
Co. Plant-Scherer, Floating Rate Note, 7/1/25 2,047,620
5,000,000 Municipal Electric Authority of Georgia,
5.0%, 1/1/28 6,426,950
2,750,000 Private Colleges & Universities Authority, Emory
University-Series A, 5.0%, 10/1/43 3,316,692
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 17
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Georgia -- (continued)
5,000,000 State of Georgia, 4.0%, 10/1/22 (f) $ 5,877,900
-----------------
$ 41,303,772
----------------------------------------------------------------------------------------------------------
Idaho -- 0.6%
7,000,000 State of Idaho, 2.0%, 6/30/17 (f) $ 7,091,560
----------------------------------------------------------------------------------------------------------
Illinois -- 2.1%
1,000,000 Illinois Finance Authority, American Water Capital
Corp. Project, 5.25%, 5/1/40 $ 1,105,370
5,000,000 Illinois Finance Authority, Centegra Health System,
Series A, 5.0%, 9/1/42 5,754,750
5,000,000 Illinois Finance Authority, Roosevelt University
Project, 6.5%, 4/1/39 5,559,550
4,000,000 Illinois Finance Authority, Silver Cross Hospital &
Medical Centers, 5.5%, 8/15/30 4,267,320
5,000,000 Metropolitan Pier & Exposition Authority,
McCormick Pl Convention, 7.0%, 7/1/26
(Pre-Refunded) 6,664,150
3,000,000 Railsplitter Tobacco Settlement Authority,
6.0%, 6/1/28 3,617,820
-----------------
$ 26,968,960
----------------------------------------------------------------------------------------------------------
Indiana -- 0.5%
2,000,000 Indiana Bond Bank, Special Prog-Hendricks
Regional Health-A, 5.5%, 2/1/29 (MORAL
OBLIG Insured) $ 2,221,520
3,000,000 Indiana University, 4.0%, 6/1/42 3,380,730
310,000 Indianapolis Local Public Improvement Bond
Bank, 6.0%, 1/10/20 335,851
-----------------
$ 5,938,101
----------------------------------------------------------------------------------------------------------
Louisiana -- 1.9%
6,000,000 Jefferson Parish Hospital Service District No. 2,
East Jefferson General Hospital, 6.375%, 7/1/41 $ 6,830,820
245,000 Louisiana Local Government Environmental
Facilities & Community Development Authority,
Capital Projects & Equipment Acquisition,
5.25%, 12/1/18 (AMBAC Insured) 254,401
7,250,000 Louisiana Public Facilities Authority,
5.5%, 5/15/47 7,515,930
2,750,000 Louisiana Public Facilities Authority, 5.5%,
5/15/47 (Pre-Refunded) 2,868,470
400,000 Louisiana State Citizens Property Insurance
Corp., 5.0%, 6/1/24 477,968
500,000 Louisiana State Citizens Property Insurance
Corp., 5.0%, 6/1/24 (AGM Insured) 598,580
5,160,000 Parish of St. John the Baptist Louisiana,
5.125%, 6/1/37 5,289,052
-----------------
$ 23,835,221
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Maine -- 1.0%
4,500,000 Maine Health & Higher Educational Facilities
Authority, Maine General Medical Center,
6.75%, 7/1/36 $ 5,165,865
3,040,000 Maine Health & Higher Educational Facilities
Authority, Maine General Medical Center,
6.95%, 7/1/41 3,515,395
2,745,000 University of Maine, 5.0%, 3/1/25 (AGM Insured) 3,498,118
-----------------
$ 12,179,378
----------------------------------------------------------------------------------------------------------
Maryland -- 4.4%
3,000,000 County of Frederick Maryland, Mount St Mary
University, 5.625%, 9/1/38 $ 3,005,760
400,000 Maryland Economic Development Corp., 5.0%,
Sr Lien-Chesapeake Bay -- Series A, 12/1/16 (d) 239,804
900,000 Maryland Economic Development Corp., 5.0%,
Sr Lien-Chesapeake Bay -- Series B, 12/1/16 (d) 539,559
2,000,000 Maryland Economic Development Corp.,
Potomac, 6.2%, 9/1/22 2,273,160
6,250,000 Maryland Health & Higher Educational Facilities
Authority, Ascension Health-Series B,
5.0%, 11/15/51 7,200,812
6,350,000 State of Maryland, 3.0%, 3/1/30 (f) 6,787,642
3,500,000 State of Maryland, 4.5%, 8/1/19 (f) 3,907,960
10,000,000 State of Maryland, 5.0%, 3/1/21 (f) 11,882,500
5,175,000 Washington Suburban Sanitary Commission,
3.0%, 6/1/35 (f) 5,428,886
5,180,000 Washington Suburban Sanitary Commission,
3.0%, 6/1/37 (f) 5,369,277
3,880,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/43 (f) 4,375,980
3,735,000 Washington Suburban Sanitary Commission,
4.0%, 6/1/44 (f) 4,209,532
-----------------
$ 55,220,872
----------------------------------------------------------------------------------------------------------
Massachusetts -- 17.0%
5,075,000 City of Cambridge Massachusetts, 3.0%, 2/15/35 (f) $ 5,373,461
2,720,000 City of Cambridge Massachusetts, 4.0%, 2/15/25 (f) 3,332,272
1,375,000 City of Cambridge Massachusetts,
4.0%, 2/15/26 (f) 1,702,498
6,400,000 0.98 Commonwealth of Massachusetts, Floating
Rate Note, 11/1/25 (f) 6,284,160
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/29 (f) 1,407,731
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/31 (f) 1,390,493
1,300,000 Concord & Carlisle Regional School District
Massachusetts, 3.0%, 3/15/33 (f) 1,376,011
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 19
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
5,000,000 Massachusetts Department of Transportation,
1/1/28 (NATL Insured) (c) $ 4,059,400
4,000,000 Massachusetts Development Finance Agency,
5.0%, Boston University-Series X, 10/1/48 4,781,920
10,000,000 Massachusetts Development Finance Agency,
5.25%, 4/1/37 11,732,700
5,000,000 Massachusetts Development Finance Agency,
5.5%, 7/1/44 5,756,750
1,275,000 Massachusetts Development Finance Agency,
Adventcare Project-Series A, 6.25%, 10/15/17 1,331,024
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/21 1,184,730
1,000,000 Massachusetts Development Finance Agency,
Babson College, 5.0%, 10/1/22 1,176,000
1,000,000 Massachusetts Development Finance Agency,
Berkshire Health System-Series G, 5.0%, 10/1/30 1,140,280
1,980,000 Massachusetts Development Finance Agency,
Broad Institute -Series A, 5.375%, 4/1/41 2,325,431
500,000 Massachusetts Development Finance Agency,
Evergreen Center, Inc., 5.5%, 1/1/35 500,740
1,000,000 Massachusetts Development Finance Agency,
Foxborough Regional Charter School-A, 7.0%, 7/1/42 1,149,810
4,000,000 Massachusetts Development Finance Agency,
Lowell General Hospital-Series G, 5.0%, 7/1/44 4,531,600
400,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center-Series F,
5.625%, 7/15/36 474,284
500,000 Massachusetts Development Finance Agency,
Milford Regional Medical Center-Series F,
5.75%, 7/15/43 598,965
2,000,000 Massachusetts Development Finance Agency,
Northeastern University, 4.0%, 10/1/35 2,209,180
450,000 Massachusetts Development Finance Agency,
Northeastern University-Series A, 5.0%, 3/1/39 546,962
2,700,000 Massachusetts Development Finance Agency,
Partners Healthcare Systems, 4.0%, 7/1/45 3,003,966
9,930,000 Massachusetts Development Finance Agency,
Partners Healthcare Systems, 5.0%, 7/1/31 12,363,942
1,000,000 Massachusetts Development Finance Agency,
Tufts Medical Center-Series I, 6.75%, 1/1/36 1,204,520
1,000,000 Massachusetts Development Finance Agency,
Tufts University, 4.0%, 8/15/38 1,110,480
1,000,000 Massachusetts Development Finance Agency,
UMass Memorial-Series H, 5.125%, 7/1/26 1,153,230
6,185,000 Massachusetts Development Finance Agency,
WGBH Educational Foundation -Series A, 5.75%,
1/1/42 (AMBAC Insured) 8,597,707
The accompanying notes are an integral part of these financial statements.
20 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
1,680,000 Massachusetts Development Finance Agency,
Wheelock College-Series C, 5.25%, 10/1/29 $ 1,760,926
3,320,000 Massachusetts Development Finance Agency,
Wheelock College-Series C, 5.25%, 10/1/37 3,475,243
1,585,000 Massachusetts Development Finance Agency,
Whitehead Inst Biomedical Research, 5.0%, 6/1/25 1,873,121
4,200,000 Massachusetts Development Finance Agency,
Williams College-Series P, 5.0%, 7/1/43 5,092,878
2,500,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 4.0%, 9/1/49 2,692,325
1,250,000 Massachusetts Development Finance Agency,
Worcester Polytechnic Institute, 5.0%, 9/1/50 1,455,550
3,220,000 Massachusetts Health & Educational Facilities
Authority, Boston Medical Center, 5.25%, 7/1/38 3,397,744
395,000 Massachusetts Health & Educational Facilities
Authority, Boston Medical Center, 5.25%, 7/1/38
(Pre-Refunded) 430,846
3,900,000 0.38 Massachusetts Health & Educational Facilities
Authority, Floating Rate Note, 10/1/49 3,900,000
5,000,000 0.30 Massachusetts Health & Educational Facilities
Authority, Floating Rate Note, 11/1/49 5,000,000
3,400,000 Massachusetts Health & Educational Facilities
Authority, Harvard University-Series A,
5.5%, 11/15/36 3,779,984
2,335,000 Massachusetts Health & Educational Facilities
Authority, Mass Eye & Ear Infirmary - Series C,
5.375%, 7/1/35 2,640,535
16,950,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series K, 5.5%, 7/1/32 25,231,938
1,000,000 Massachusetts Health & Educational Facilities
Authority, Massachusetts Institute of
Technology -Series O, 5.5%, 7/1/36
(Pre-Refunded) 1,096,980
2,000,000 Massachusetts Health & Educational Facilities
Authority, Northeastern University-Series T-2,
4.125%, 10/1/37 2,186,380
1,000,000 Massachusetts Port Authority, 5.0%, 7/1/32 1,203,400
1,000,000 Massachusetts Port Authority, 5.0%, 7/1/33 1,203,400
7,000,000 Massachusetts School Building Authority,
5.0%, 8/15/29 8,551,200
3,975,000 Massachusetts State College Building Authority,
5.0%, 5/1/28 (ST INTERCEPT Insured) 4,829,704
2,420,000 Massachusetts Water Resources Authority,
5.25%, 8/1/36 (AGM Insured) 3,523,786
5,000,000 Town of Braintree Massachusetts, 5.0%, 5/15/25 (f) 6,512,550
2,000,000 Town of Chatham Massachusetts, 3.5%, 6/15/37 (f) 2,121,360
2,000,000 Town of Framingham Massachusetts,
2.0%, 12/9/16 (f) 2,013,260
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 21
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
1,875,000 Town of Lexington Massachusetts, 4.0%, 2/15/21 (f) $ 2,138,400
1,535,000 Town of Plymouth Massachusetts, 3.375%, 5/1/32 (f) 1,677,801
1,265,000 Town of Plymouth Massachusetts, 3.5%, 5/1/35 (f) 1,376,219
1,590,000 Town of Reading Massachusetts, 3.0%, 4/15/20 (f) 1,720,968
1,385,000 Town of Reading Massachusetts, 3.0%, 4/15/22 (f) 1,536,948
1,625,000 Town of Reading Massachusetts, 3.0%, 4/15/23 (f) 1,829,262
1,000,000 Town of Wellesley Massachusetts, 4.0%, 6/1/41 (f) 1,140,700
4,000,000 Town of Wellesley Massachusetts, 4.0%, 6/1/45 (f) 4,535,120
4,500,000 Town of Wilmington Massachusetts, 4.0%, 3/15/37 (f) 4,906,935
2,500,000 University of Massachusetts Building Authority,
5.0%, 11/1/39 2,997,375
4,160,000 Woods Hole Marthas Vineyard & Nantucket
Steamship Authority, 4.0%, 3/1/28 (ST GTD Insured) 4,886,669
-----------------
$ 214,519,754
----------------------------------------------------------------------------------------------------------
Michigan -- 0.2%
3,050,000 Michigan Public Educational Facilities Authority,
Ltd Oblig-David Ellis-West Project, 5.875%, 6/1/37 $ 3,070,130
----------------------------------------------------------------------------------------------------------
Minnesota -- 0.5%
600,000 University of Minnesota, 4.0%, 1/1/20 $ 666,630
1,000,000 University of Minnesota, 4.0%, 1/1/29 1,167,500
860,000 University of Minnesota, 4.0%, 1/1/30 999,432
2,875,000 University of Minnesota, 5.0%, 4/1/33 3,685,578
-----------------
$ 6,519,140
----------------------------------------------------------------------------------------------------------
Mississippi -- 0.8%
2,750,000 County of Warren Mississippi, International Paper
Co-Series A, 5.8%, 5/1/34 $ 3,208,178
5,000,000 0.44 Mississippi Business Finance Corp., Floating
Rate Note, 12/1/30 5,000,000
1,715,000 Mississippi Home Corp., 9/15/16
(Pre-Refunded) (c) 1,713,079
-----------------
$ 9,921,257
----------------------------------------------------------------------------------------------------------
Missouri -- 1.3%
2,500,000 Health & Educational Facilities Authority of the
State of Missouri, CoxHealth Hospital, Series A,
5.0%, 11/15/35 $ 3,000,875
4,000,000 Health & Educational Facilities Authority of the
State of Missouri, Mercy Health-Series F,
4.0%, 11/15/45 4,371,640
2,000,000 Missouri Development Finance Board, City of
Independence - Annual Appropriation Sewer
System, 5.25%, 11/1/42 2,337,280
75,000 Missouri State Environmental Improvement &
Energy Resources Authority, Unrefunded Bal-St
Revolving, 5.125%, 1/1/20 75,308
5,500,000 University of Missouri, 5.0%, 11/1/25 7,142,135
-----------------
$ 16,927,238
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
New Hampshire -- 1.5%
7,850,000 New Hampshire Health and Education Facilities
Authority Act, 6.5%, 1/1/41 $ 9,304,370
5,000,000 New Hampshire Health and Education Facilities
Authority Act, Southern NH Medical Center-
Series A, 5.0%, 10/1/32 5,248,950
3,750,000 New Hampshire Health and Education Facilities
Authority Act, Southern NH Medical Center-
Series A, 5.0%, 10/1/37 3,931,388
-----------------
$ 18,484,708
----------------------------------------------------------------------------------------------------------
New Jersey -- 1.4%
5,000,000 New Jersey Educational Facilities Authority,
5.0%, 7/1/27 $ 6,655,550
3,000,000 New Jersey Educational Facilities Authority,
Princeton University-Series B, 5.0%, 7/1/39 3,495,600
5,115,000 New Jersey Health Care Facilities Financing
Authority, Trinitas Hospital Oblig Grp-Series A,
5.25%, 7/1/30 5,331,364
2,000,000 New Jersey Transportation Trust Fund Authority,
Transportation System-Series A, 5.5%, 6/15/41
(ST APPROP Insured) 2,235,580
-----------------
$ 17,718,094
----------------------------------------------------------------------------------------------------------
New York -- 2.5%
2,500,000 Albany Industrial Development Agency, St Peters
Hospital Project-Series A, 5.25%, 11/15/32 $ 2,662,225
10,000,000 New York Counties Tobacco Trust V, 6/1/38 (c) 2,702,000
3,250,000 New York State Dormitory Authority, 5.0%, 10/1/45 4,991,382
5,015,000 New York State Dormitory Authority, 5.0%, 3/15/31 6,293,825
5,030,000 New York State Dormitory Authority, Columbia
University, 5.0%, 10/1/41 5,917,393
5,515,000 New York State Dormitory Authority, Insured-FIT
Student Housing Corp., 5.25%, 7/1/24
(NATL Insured) 6,635,483
1,500,000 Port Authority of New York & New Jersey,
Consolidated Ninety-Third Series, 6.125%, 6/1/94 1,970,355
-----------------
$ 31,172,663
----------------------------------------------------------------------------------------------------------
North Carolina -- 3.3%
3,000,000 City of Charlotte North Carolina Storm Water
Revenue, 4.0%, 12/1/43 $ 3,405,510
4,800,000 City of Fayetteville North Carolina Public Works
Commission Revenue, 3.0%, 3/1/33 5,059,872
2,000,000 City of Raleigh North Carolina, 5.0%, 9/1/20 (f) 2,344,620
6,565,000 City of Raleigh North Carolina, 5.0%, 9/1/28 (f) 9,053,332
5,400,000 North Carolina Municipal Power Agency No 1,
5.0%, 1/1/28 6,913,998
2,500,000 State of North Carolina, 5.0%, 6/1/27 (f) 3,320,175
5,000,000 State of North Carolina, 5.0%, 6/1/28 (f) 6,609,100
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 23
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
North Carolina -- (continued)
5,000,000 0.37 The Charlotte-Mecklenburg Hospital Authority,
Floating Rate Note, 1/15/26 $ 5,000,000
-----------------
$ 41,706,607
----------------------------------------------------------------------------------------------------------
North Dakota -- 0.4%
5,000,000 County of McLean North Dakota, Great River
Energy-Series B, 5.15%, 7/1/40 $ 5,481,350
----------------------------------------------------------------------------------------------------------
Ohio -- 3.4%
10,000,000 Buckeye Tobacco Settlement Financing Authority,
5.75%, 6/1/34 $ 9,813,200
7,000,000 Buckeye Tobacco Settlement Financing Authority,
6.5%, 6/1/47 7,180,600
1,500,000 County of Cuyahoga Ohio, Eliza Jennings Sr
Care-Series A, 6.0%, 5/15/37 1,525,980
1,500,000 County of Cuyahoga Ohio, Eliza Jennings Sr
Care-Series A, 6.0%, 5/15/42 1,525,200
800,000 County of Lake Ohio, 6.0%, 8/15/43 880,672
4,200,000 County of Lake Ohio, 6.0%, 8/15/43 (Pre-Refunded) 4,675,566
10,000,000 JobsOhio Beverage System, 5.0%, 1/1/38 11,814,100
5,000,000 State of Ohio, Common Schools, Series B,
5.0%, 6/15/29 (f) 6,067,250
-----------------
$ 43,482,568
----------------------------------------------------------------------------------------------------------
Oklahoma -- 0.4%
4,240,000 McGee Creek Authority, 6.0%, 1/1/23
(NATL Insured) $ 4,804,386
----------------------------------------------------------------------------------------------------------
Oregon -- 0.7%
3,000,000 Deschutes & Jefferson Counties School District
No 2J Redmond Oregon, 3.0%, 6/15/32
(SCH BD GTY Insured) (f) $ 3,169,950
2,000,000 Multnomah County School District No 40,
6/15/30 (SCH BD GTY Insured) (c) (f) 1,404,180
2,000,000 Multnomah County School District No 40,
6/15/31 (SCH BD GTY Insured) (c) (f) 1,362,600
1,715,000 Multnomah County School District No 40,
6/15/32 (SCH BD GTY Insured) (c) (f) 1,132,037
1,500,000 Oregon Health & Science University, 5.0%, 7/1/28 1,942,380
-----------------
$ 9,011,147
----------------------------------------------------------------------------------------------------------
Pennsylvania -- 3.5%
50,000 Allentown Area Hospital Authority, Sacred Heart
Hospital, 6.0%, 11/15/16 (Pre-Refunded) $ 51,026
7,750,000 3.50 Beaver County Industrial Development Authority,
FirstEnergy Nuclear-Series B, Floating Rate
Note, 12/1/35 7,895,002
4,095,000 Dauphin County General Authority, 5.0%, 6/1/42 4,713,345
3,725,000 Delaware County Industrial Development
Authority Pennsylvania, 5.125%, 6/1/46 3,746,382
The accompanying notes are an integral part of these financial statements.
24 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Pennsylvania -- (continued)
1,000,000 Montgomery County Industrial Development
Authority Pennsylvania, Foulkeways At Gwynedd
Project-Series A, 5.0%, 12/1/24 $ 1,000,880
1,000,000 Montgomery County Industrial Development
Authority Pennsylvania, Foulkeways At Gwynedd
Project-Series A, 5.0%, 12/1/30 1,000,880
1,000,000 Pennsylvania Higher Educational Facilities
Authority, Edinboro University Foundation,
6.0%, 7/1/43 1,099,290
11,500,000 1.07 Pennsylvania Higher Educational Facilities
Authority, Foundation Indiana University PA-Series A,
Floating Rate Note, 7/1/39 (XLCA Insured) 9,139,395
4,750,000 Pennsylvania Higher Educational Facilities
Authority, Thomas Jefferson University, 5.0%, 9/1/39 5,666,180
1,000,000 Pennsylvania Higher Educational Facilities
Authority, University Pptys., Inc., East Stroudsburg,
5.0%, 7/1/42 1,065,190
5,000,000 Pennsylvania Turnpike Commission, 5.3%, 12/1/41 5,582,750
2,500,000 Philadelphia Authority for Industrial Development,
Children's Hospital Philadelphia Project Series A,
5.0%, 7/1/42 3,035,600
-----------------
$ 43,995,920
----------------------------------------------------------------------------------------------------------
Puerto Rico -- 0.4%
7,000,000 Commonwealth of Puerto Rico, 8.0%, 7/1/35 (d) (f) $ 4,672,640
----------------------------------------------------------------------------------------------------------
Rhode Island -- 0.8%
100,000,000 Tobacco Settlement Financing Corp. Rhode
Island, 6/1/52 (c) $ 10,071,000
----------------------------------------------------------------------------------------------------------
South Carolina -- 1.3%
5,000,000 County of Florence South Carolina, 4.0%, 6/1/20
(ST AID WITHHLDG Insured) (f) $ 5,600,000
1,000,000 SCAGO Educational Facilities Corp for Pickens
School District, 3.25%, 12/1/28 1,073,110
8,265,000 South Carolina State Public Service Authority,
Santee Cooper-Series D, 5.0%, 12/1/43 9,508,056
500,000 State of South Carolina, 5.0%, 4/1/20 (f) 578,585
-----------------
$ 16,759,751
----------------------------------------------------------------------------------------------------------
South Dakota -- 0.0%+
65,000 South Dakota Conservancy District, St Revolving
Fd-Series A, 5.625%, 8/1/17 (Pre-Refunded) $ 65,295
----------------------------------------------------------------------------------------------------------
Texas -- 13.0%
7,100,000 Central Texas Regional Mobility Authority, 1/1/25 (c) $ 5,461,320
3,550,000 Central Texas Regional Mobility Authority, 1/1/26 (c) 2,645,212
3,000,000 Central Texas Regional Mobility Authority, 1/1/27 (c) 2,147,160
2,500,000 Central Texas Regional Mobility Authority,
6.75%, 1/1/41 3,074,325
5,000,000 City of Pearland Texas, 4.0%, 3/1/29 (f) 5,580,550
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 25
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Texas -- (continued)
11,900,000 Dallas Area Rapid Transit, 5.0%, 12/1/33 $ 14,830,970
8,285,000 Dallas Area Rapid Transit, 5.25%, 12/1/29
(AMBAC Insured) 11,350,201
10,000,000 Dallas County Utility & Reclamation District,
5.375%, 2/15/29 (AMBAC Insured) (f) 10,229,800
5,080,000 Eagle Mountain & Saginaw Independent School
District, 3.0%, 8/15/29 (PSF-GTD Insured) (f) 5,383,733
5,000,000 Grapevine-Colleyville Independent School District,
5.0%, 8/15/27 (PSF-GTD Insured) (f) 6,393,450
1,000,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/28 1,148,680
500,000 Harris County Cultural Education Facilities Finance
Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/33 564,055
8,350,000 0.38 Harris County Health Facilities Development Corp.,
Floating Rate Note, 12/1/41 8,350,000
2,750,000 Houston Higher Education Finance Corp., Rice
University Project-Series A, 5.0%, 5/15/35 3,160,465
10,000,000 0.35 Lower Neches Valley Authority Industrial Development
Corp., Floating Rate Note, 11/1/38 10,000,000
5,000,000 Lubbock-Cooper Independent School District,
4.0%, 2/15/49 (PSF-GTD Insured) (f) 5,598,600
2,000,000 New Hope Cultural Education Facilities Finance
Corp., 4.75%, 7/1/51 2,181,020
4,000,000 North Texas Tollway Authority, 5.0%, 1/1/30 4,941,040
5,000,000 North Texas Tollway Authority, 5.0%, 1/1/35 6,032,950
2,000,000 North Texas Tollway Authority, 5.0%, 1/1/38 2,315,700
7,525,000 State of Texas, 5.0%, 4/1/29 (f) 9,405,121
4,000,000 Tarrant County Housing Finance Corp., 9/15/16
(Pre-Refunded) (NATL Insured) (c) 3,995,280
4,000,000 Texas Municipal Gas Acquisition & Supply Corp. III,
5.0%, 12/15/31 4,569,880
10,410,000 Texas Private Activity Bond Surface Transportation
Corp., Sr Lien-LBJ Infrastructure, 7.0%, 6/30/40 12,530,413
2,755,000 Texas State Public Finance Authority Charter School
Finance Corp., Ed-Cosmos Foundation Inc-Series A,
6.2%, 2/15/40 3,277,045
4,500,000 Texas Transportation Commission State Highway
Fund, 5.0%, 4/1/23 5,601,870
6,100,000 The University of Texas System, 5.0%, 8/15/20 7,119,981
5,000,000 The University of Texas System, 5.0%, 8/15/24 6,426,550
-----------------
$ 164,315,371
----------------------------------------------------------------------------------------------------------
Utah -- 0.5%
410,000 Utah State Charter School Finance Authority, North
Davis Preparatory, 5.75%, 7/15/20 $ 442,074
4,835,000 Utah Transit Authority, 5.0%, 6/15/31 6,141,804
-----------------
$ 6,583,878
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
Vermont -- 0.4%
4,285,000 University of Vermont & State Agricultural College,
4.0%, 10/1/32 $ 4,904,740
----------------------------------------------------------------------------------------------------------
Virginia -- 5.8%
10,450,000 County of Fairfax Virginia, 4.0%, 10/1/34 (ST AID
WITHHLDG Insured) (f) $ 12,084,066
16,990,000 Tobacco Settlement Financing Corp. Virginia,
5.0%, 6/1/47 16,479,620
12,000,000 University of Virginia, 4.0%, 4/1/45 13,772,640
4,000,000 University of Virginia, 5.0%, 6/1/37 4,878,640
5,000,000 University of Virginia, 5.0%, 6/1/43 6,076,400
5,000,000 Upper Occoquan Sewage Authority, 4.0%, 7/1/41 5,709,500
5,000,000 Virginia Public School Authority, 4.0%, 8/1/25 (ST
AID WITHHLDG Insured) 5,982,500
7,500,000 Washington County Industrial Development
Authority Virginia, Mountain States Health Alliance-
Series C, 7.75%, 7/1/38 8,591,250
-----------------
$ 73,574,616
----------------------------------------------------------------------------------------------------------
Washington -- 5.8%
10,000,000 FYI Properties, Washington St District Project,
5.5%, 6/1/39 $ 11,204,900
10,000,000 King County Housing Authority, Birch Creek Apts
Project, 5.5%, 5/1/38 10,864,400
3,000,000 King County Public Hospital District No. 1,
5.25%, 12/1/37 (f) 3,220,890
3,000,000 King County School District No 411 Issaquah,
4.5%, 12/1/30 (SCH BD GTY Insured) (f) 3,573,360
1,500,000 Public Utility District No. 1 of Franklin County,
5.0%, 9/1/38 1,769,490
10,390,000 State of Washington, 5.0%, 7/1/30 (f) 13,019,086
5,000,000 State of Washington, 5.0%, 8/1/36 (f) 6,093,350
6,685,000 University of Washington, 5.0%, 6/1/28 8,536,344
5,600,000 University of Washington, 5.0%, 6/1/37
(Pre-Refunded) (AMBAC Insured) 5,827,752
5,000,000 Washington Health Care Facilities Authority,
Providence Health -- Series C, 5.25%, 10/1/33
(AGM Insured) 5,446,850
2,400,000 Washington Health Care Facilities Authority, VA
Mason Medical-Series A, 6.125%, 8/15/37 2,534,424
620,000 Washington State Housing Finance Commission,
Skyline At First Hill Project-Series A, 5.25%, 1/1/17 624,558
-----------------
$ 72,715,404
----------------------------------------------------------------------------------------------------------
Wisconsin -- 0.3%
3,000,000 Wisconsin Health & Educational Facilities Authority,
Ministry Health Care, Inc. - Series B
5.125%, 8/15/35 $ 3,516,780
----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $1,134,419,800) $ 1,236,995,345
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 27
Schedule of Investments | 6/30/16 (unaudited) (continued)
----------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
----------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.5%
Commercial Paper -- 0.5%
6,461,000 John Hopkins University, Commercial Paper,
0.42%, 5/2/16 $ 6,461,000
----------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,461,000) $ 6,461,000
----------------------------------------------------------------------------------------------------------
Claim -- 0.0%+
COMMERCIAL SERVICES & SUPPLIES -- 0.0%+
Research & Consulting Services -- 0.0%+
200 CMS Liquidating Trust* $ 559,990
-----------------
Total Commercial Services & Supplies $ 559,990
----------------------------------------------------------------------------------------------------------
TOTAL Claim
(Cost $640,000) $ 559,990
----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.8%
(Cost $1,144,660,550) (a) $ 1,247,156,194
----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.2% $ 15,172,028
----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,262,328,222
==========================================================================================================
Amount rounds to less than 0.1%.
* Non-income producing security.
(Pre-Refunded) Pre-Refunded bonds have been collateralized by U.S. Treasury
securities which are held in escrow and used to pay principal
and interest on the tax-exempt issue and to retire the bonds
in full at the earliest refunding date.
(a) At June 30, 2016, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$1,144,030,846 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $104,225,285
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,099,937)
------------
Net unrealized appreciation $103,125,348
============
(b) Debt obligation with a variable interest rate. Rate shown is
rate at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Security is in default and is non-income producing.
(e) Consists of Revenue Bonds unless otherwise indicated.
(f) Represents a General Obligation Bond.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 2016 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ --
Other Long-Term Securities 241,137,701 70,446,982
The accompanying notes are an integral part of these financial statements.
28 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Various inputs are used in determining the value of the Portfolios's
investments. These inputs are summarized in the three broad levels listed
below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Portfolio'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, 2016, in valuing
the Portfolio's investments:
--------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------
U.S. Government and
Agency Obligations $ -- $ 3,139,859 $ -- $ 3,139,859
Municipal Bonds -- 1,236,995,345 -- 1,236,995,345
Commercial Paper -- 6,461,000 -- 6,461,000
Claim -- 559,990 -- 559,990
--------------------------------------------------------------------------------------------
Total $ -- $ 1,247,156,194 $ -- $ 1,247,156,194
============================================================================================
During the six months ended June 30, 2016, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 29
Statement of Assets and Liabilities | 6/30/16 (unaudited)
ASSETS:
Investment in securities (cost $1,144,660,550) $1,247,156,194
Cash 5,738,263
Receivables --
Investment securities sold 90,000
Fund shares sold 12,678,423
Interest 13,038,285
Due from Pioneer Investment Management, Inc. 31,732
Other assets 49,839
--------------------------------------------------------------------------------
Total assets $1,278,782,736
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 12,788,558
Fund shares repurchased 2,446,428
Distributions 1,006,113
Due to affiliates 45,649
Accrued expenses 167,766
--------------------------------------------------------------------------------
Total liabilities $ 16,454,514
================================================================================
NET ASSETS:
Paid-in capital $1,203,054,084
Undistributed net investment income 1,895,126
Accumulated net realized loss on investments (45,116,632)
Net unrealized appreciation on investments 102,495,644
--------------------------------------------------------------------------------
Total net assets $1,262,328,222
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (Based on $749,525,186/49,431,429 shares) $ 15.16
Class C (Based on $67,481,007/4,488,133 shares) $ 15.04
Class Y (Based on $445,322,029/29,459,981 shares) $ 15.12
MAXIMUM OFFERING PRICE:
Class A ($15.16 (divided by) 95.5%) $ 15.88
================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Statement of Operations
For the Six Months Ended 6/30/16
INVESTMENT INCOME:
Interest $20,138,607
-------------------------------------------------------------------------------------------------
Total investment income $20,138,607
=================================================================================================
EXPENSES:
Management fees $ 2,518,171
Transfer agent fees
Class A 98,164
Class C 7,733
Class Y 126,543
Distribution fees
Class A 903,798
Class C 302,323
Shareholder communication expense 162,152
Administrative expense 196,080
Custodian fees 6,853
Registration fees 38,301
Professional fees 39,249
Printing expense 6,220
Fees and expenses of nonaffiliated Trustees 24,564
Miscellaneous 57,634
-------------------------------------------------------------------------------------------------
Total expenses $ 4,487,785
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (115,340)
-------------------------------------------------------------------------------------------------
Net expenses $ 4,372,445
-------------------------------------------------------------------------------------------------
Net investment income $15,766,162
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ 128,252
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation)
on investments $44,878,338
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $45,006,590
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $60,772,752
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 31
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Six Months
Ended Year
6/30/16 Ended
(unaudited) 12/31/15
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 15,766,162 $ 30,934,098
Net realized gain (loss) on investments and class actions 128,252 1,087,526
Change in net unrealized appreciation (depreciation)
on investments 44,878,338 10,693,964
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 60,772,752 $ 42,715,588
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23 and $0.53 per share, respectively) $ (11,029,854) $ (25,534,747)
Class C ($0.17 and $0.42 per share, respectively) (690,586) (1,463,905)
Class Y ($0.24 and $0.57 per share, respectively) (5,724,229) (9,698,538)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (17,444,669) $ (36,697,190)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 282,494,171 $ 382,567,032
Reinvestment of distributions 11,559,662 25,155,007
Cost of shares repurchased (116,199,566) (216,944,808)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 177,854,267 $ 190,777,231
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 221,182,350 $ 196,795,629
NET ASSETS:
Beginning of period $1,041,145,872 $ 844,350,243
--------------------------------------------------------------------------------------------------
End of period $1,262,328,222 $1,041,145,872
==================================================================================================
Undistributed net investment income $ 1,895,126 $ 3,573,633
==================================================================================================
The accompanying notes are an integral part of these financial statements.
32 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended Year Year
6/30/16 6/30/16 Ended Ended
Shares Amount 12/31/15 12/31/15
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 3,105,777 $ 46,002,304 4,720,633 $ 68,378,870
Reinvestment of
distributions 587,746 8,723,045 1,375,171 19,866,929
Less shares repurchased (2,851,814) (42,258,467) (5,746,525) (82,804,796)
------------------------------------------------------------------------------------------------
Net increase 841,709 $ 12,466,882 349,279 $ 5,441,003
================================================================================================
Class C
Shares sold 933,342 $ 13,715,616 953,781 $ 13,697,345
Reinvestment of
distributions 36,937 543,675 81,505 1,167,507
Less shares repurchased (262,813) (3,857,059) (575,775) (8,231,221)
------------------------------------------------------------------------------------------------
Net increase 707,466 $ 10,402,232 459,511 $ 6,633,631
================================================================================================
Class Y
Shares sold 15,052,278 $222,776,251 20,776,039 $ 300,490,817
Reinvestment of
distributions 154,861 2,292,942 286,196 4,120,571
Less shares repurchased (4,758,133) (70,084,040) (8,795,144) (125,908,791)
------------------------------------------------------------------------------------------------
Net increase 10,449,006 $154,985,153 12,267,091 $ 178,702,597
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 33
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/16 Ended Ended Ended Ended Ended
(unaudited) 12/31/15 12/31/14 12/31/13 12/31/12 12/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 14.60 $ 14.49 $ 13.25 $ 14.56 $ 13.40 $ 12.56
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20(d) $ 0.44(d) $ 0.49 $ 0.61 $ 0.61 $ 0.62
Net realized and unrealized gain (loss) on investments 0.59 0.20 1.29 (1.37) 1.09 0.82
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.79 $ 0.64 $ 1.78 $ (0.76) $ 1.70 $ 1.44
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.23) $ (0.53) $ (0.54) $ (0.55) $ (0.54) $ (0.60)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.23) $ (0.53) $ (0.54) $ (0.55) $ (0.54) $ (0.60)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.56 $ 0.11 $ 1.24 $ (1.31) $ 1.16 $ 0.84
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.16 $ 14.60 $ 14.49 $ 13.25 $ 14.56 $ 13.40
====================================================================================================================================
Total return* 5.42% 4.51% 13.61%(b) (5.33)% 12.87%(a) 11.73%
Ratio of net expenses to average net assets (c) 0.81%** 0.82% 0.83% 0.82% 0.82% 0.82%
Ratio of net investment income (loss) to average net assets 2.74%** 3.08% 3.46% 4.16% 4.35% 4.77%
Portfolio turnover rate 13%** 21% 29% 15% 17% 14%
Net assets, end of period (in thousands) $749,525 $709,616 $699,229 $649,007 $824,216 $767,290
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 0.81%** 0.83% 0.85% 0.84% 0.83% 0.87%
Net investment income (loss) to average net assets 2.74%** 3.07% 3.44% 4.14% 4.33% 4.72%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2012, the total return would
have been 12.64%.
(b) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 13.53%.
(c) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
34 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/16 Ended Ended Ended Ended Ended
(unaudited) 12/31/15 12/31/14 12/31/13 12/31/12 12/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 14.48 $ 14.37 $ 13.14 $ 14.44 $ 13.29 $ 12.46
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(d) $ 0.33(d) $ 0.36 $ 0.49 $ 0.49 $ 0.51
Net realized and unrealized gain (loss) on investments 0.58 0.20 1.30 (1.35) 1.09 0.81
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.73 $ 0.53 $ 1.66 $ (0.86) $ 1.58 $ 1.32
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.42) $ (0.43) $ (0.44) $ (0.43) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.42) $ (0.43) $ (0.44) $ (0.43) $ (0.49)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.56 $ 0.11 $ 1.23 $ (1.30) $ 1.15 $ 0.83
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.04 $ 14.48 $ 14.37 $ 13.14 $ 14.44 $ 13.29
====================================================================================================================================
Total return* 5.06% 3.74% 12.75%(b) (6.05)% 12.03%(a) 10.84%
Ratio of net expenses to average net assets (c) 1.56%** 1.56% 1.60% 1.59% 1.58% 1.61%
Ratio of net investment income (loss) to average net assets 1.99%** 2.33% 2.69% 3.39% 3.58% 3.98%
Portfolio turnover rate 13%** 21% 29% 15% 17% 14%
Net assets, end of period (in thousands) $67,481 $54,752 $47,734 $37,291 $45,106 $37,834
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2012, the total return would
have been 11.87%.
(b) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 12.67%.
(c) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 35
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/16 Ended Ended Ended Ended Ended
(unaudited) 12/31/15 12/31/14 12/31/13 12/31/12 12/31/11
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 14.56 $ 14.44 $ 13.21 $ 14.52 $ 13.37 $ 12.53
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.22(d) $ 0.48(d) $ 0.46 $ 0.68 $ 0.63 $ 0.67
Net realized and unrealized gain (loss) on investments 0.58 0.21 1.35 (1.41) 1.10 0.80
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ 0.69 $ 1.81 $ (0.73) $ 1.73 $ 1.47
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.24) $ (0.57) $ (0.58) $ (0.58) $ (0.58) $ (0.63)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.24) $ (0.57) $ (0.58) $ (0.58) $ (0.58) $ (0.63)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.56 $ 0.12 $ 1.23 $ (1.31) $ 1.15 $ 0.84
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 15.12 $ 14.56 $ 14.44 $ 13.21 $ 14.52 $ 13.37
====================================================================================================================================
Total return* 5.56% 4.86% 13.86%(b) (5.10)% 13.12%(a) 12.04%
Ratio of net expenses to average net assets (c) 0.55%** 0.55% 0.56% 0.55% 0.55% 0.55%
Ratio of net investment income (loss) to average net assets 2.99%** 3.34% 3.70% 4.41% 4.60% 5.04%
Portfolio turnover rate 13%** 21% 29% 15% 17% 14%
Net assets, end of period (in thousands) $445,322 $276,778 $97,387 $57,739 $86,296 $65,896
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 0.62%** 0.64% 0.65% 0.67% 0.58% 0.57%
Net investment income (loss) to average net assets 2.93%** 3.25% 3.61% 4.29% 4.57% 5.02%
====================================================================================================================================
* 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.
** Annualized.
(a) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2012, the total return would
have been 12.85%.
(b) If the Fund had not recognized gains in settlement of class action
lawsuits during the year ended December 31, 2014, the total return would
have been 13.78%.
(c) Includes interest expense of 0.00% 0.00%, 0.01%, 0.00%, 0.00% and 0.00%,
respectively.
(d) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
36 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
Notes to Financial Statements | 6/30/16 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer AMT-Free Municipal Fund (the Fund) is one of two series comprising
Pioneer Series Trust II, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is to seek a high level
of current income exempt from federal income tax as is consistent with the
relative stability of capital.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. 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 shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses, and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
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.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 37
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. Valuations may be supplemented by dealers and other sources, as
required. 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.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such Fund's net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair
valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with
the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices and such differences could be material.
At June 30, 2016, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services or broker-dealers).
38 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
B. Investment Income and Transactions
Discount and premium on purchase prices of debt securities are accreted or
amortized, respectively, daily into interest income on a yield-to-maturity
basis over the life of the respective security with a corresponding
increase or decrease in the cost basis of the security. Interest income,
including interest on income-bearing cash accounts, is recorded on the
accrual basis.
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, 2015, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense in the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting
from differences in the recognition or classification of income or
distributions for financial statement and tax purposes. Capital accounts
within the financial statements are adjusted for permanent book/tax
differences to reflect tax character, but are not adjusted for temporary
differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended December 31, 2015 was as follows:
--------------------------------------------------------------------------
2015
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 312,500
Tax-exempt income 36,384,690
--------------------------------------------------------------------------
Total $36,697,190
==========================================================================
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 39
The following shows the components of distributable earnings on a federal
income tax basis at December 31, 2015:
--------------------------------------------------------------------------
2015
--------------------------------------------------------------------------
Distributable earnings:
Undistributed tax-exempt income $ 2,943,929
Capital loss carryforward (45,244,884)
Net unrealized appreciation 58,247,010
--------------------------------------------------------------------------
Total $ 15,946,055
==========================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax treatment of premium and amortization.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $35,728 in underwriting commissions on the sale of
Class A shares during the six months ended June 30, 2016.
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 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.
40 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
F. Risks
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.
Interest rates in the U.S. recently have been historically low, so the
Fund faces a heightened risk that interest rates may rise. A general rise
in interest rates may cause investors to move out of fixed-income
securities on a large scale, which could adversely affect the price and
liquidity of fixed-income securities and could also result in increased
redemptions from the Fund.
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 of municipal
issuers may continue or get worse. To the extent the Fund invests
significantly in a single state, including California, Massachusetts and
Texas, 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.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks.
Please refer to that document when considering the Fund's principal risks.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 41
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $250 million; 0.45% of the next $500
million 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, 2016, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.44% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 0.82% and 0.55% of the average
daily net assets attributable to Class A and Class Y shares, respectively. Fees
waived and expenses reimbursed during the six months ended June 30, 2016 are
reflected on the Statement of Operations. These expense limitations are in
effect through May 1, 2017 for Class A and Class Y shares. There can be no
assurance that PIM will extend the expense limit agreement for a class of shares
beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$31,742 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2016.
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, 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.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended June 30, 2016, such out-of-pocket expenses by class of shares were
as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 92,135
Class C 7,459
Class Y 62,558
--------------------------------------------------------------------------------
Total $162,152
================================================================================
42 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $13,907 in distribution fees payable to
PFD at June 30, 2016.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSC are paid to PFD. For the
six months ended June 30, 2016, CDSCs in the amount of $6,302 were paid to PFD.
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
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 9, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the six months ended June 30, 2016, the Fund had no
borrowings under the credit facility.
Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16 43
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
44 Pioneer AMT-Free Municipal Fund | Semiannual Report | 6/30/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19451-10-0816
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
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. 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 26, 2016
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 26, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 26, 2016
* Print the name and title of each signing officer under his or her signature.